GM Advisory Group LLC Makes New Investment in The Progressive Co. (NYSE:PGR)

GM Advisory Group LLC acquired a new position in shares of The Progressive Co. (NYSE:PGR - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,385 shares of the insurance provider's stock, valued at approximately $571,000.

Other hedge funds have also bought and sold shares of the company. State Street Corp lifted its stake in Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock valued at $6,263,763,000 after buying an additional 315,411 shares during the period. Geode Capital Management LLC lifted its position in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after acquiring an additional 1,682,213 shares during the period. FMR LLC lifted its position in shares of Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock valued at $2,669,204,000 after acquiring an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock worth $1,286,036,000 after purchasing an additional 330,667 shares during the period. Finally, Jennison Associates LLC increased its stake in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock valued at $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

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Progressive Stock Performance

PGR stock traded up $1.21 during midday trading on Monday, hitting $274.07. The company's stock had a trading volume of 2,553,247 shares, compared to its average volume of 2,433,885. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The stock has a market cap of $160.66 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 1.70 and a beta of 0.35. The stock's 50-day moving average price is $261.96 and its 200 day moving average price is $255.01. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.78%.

Analyst Ratings Changes

PGR has been the subject of several research reports. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research note on Saturday. JPMorgan Chase & Co. upped their target price on Progressive from $251.00 to $256.00 and gave the stock an "overweight" rating in a research report on Friday, January 3rd. Barclays lifted their price target on shares of Progressive from $264.00 to $285.00 and gave the company an "equal weight" rating in a research report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $281.06.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company's stock, valued at $67,530,756.28. The trade was a 3.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares of the company's stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,855 shares of company stock worth $16,767,455. Insiders own 0.34% of the company's stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.