Mirabella Financial Services LLP Invests $10.37 Million in The Progressive Co. (NYSE:PGR)

Mirabella Financial Services LLP bought a new position in shares of The Progressive Co. (NYSE:PGR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 43,252 shares of the insurance provider's stock, valued at approximately $10,365,000. Progressive accounts for approximately 0.9% of Mirabella Financial Services LLP's portfolio, making the stock its 25th largest holding.

A number of other institutional investors and hedge funds also recently bought and sold shares of PGR. Norges Bank bought a new position in shares of Progressive in the fourth quarter valued at $1,843,045,000. GQG Partners LLC grew its holdings in shares of Progressive by 67.6% in the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock worth $1,239,143,000 after acquiring an additional 2,085,833 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Progressive during the fourth quarter worth $408,416,000. Capital Research Global Investors lifted its holdings in shares of Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after purchasing an additional 1,547,677 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after purchasing an additional 583,376 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.4 %

NYSE PGR traded down $1.00 during trading on Friday, reaching $264.19. The company's stock had a trading volume of 826,173 shares, compared to its average volume of 2,628,709. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $154.88 billion, a PE ratio of 18.34, a PEG ratio of 1.70 and a beta of 0.38. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The business has a 50-day moving average price of $274.09 and a 200-day moving average price of $258.15.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Analysts Set New Price Targets

Several analysts have issued reports on PGR shares. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. StockNews.com downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Jefferies Financial Group lowered their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. Finally, Wells Fargo & Company lifted their price target on Progressive from $320.00 to $324.00 and gave the company an "overweight" rating in a report on Thursday, April 17th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $285.76.

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the company's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company's stock, valued at $180,891.35. This represents a 35.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the completion of the transaction, the chief financial officer now directly owns 258,024 shares in the company, valued at approximately $71,199,142.56. This represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,749 shares of company stock valued at $11,786,613. Insiders own 0.33% 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.