Allstate Corp Takes $4.21 Million Position in The Progressive Co. (NYSE:PGR)

Allstate Corp purchased a new stake in The Progressive Co. (NYSE:PGR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 17,549 shares of the insurance provider's stock, valued at approximately $4,205,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Atlantic Edge Private Wealth Management LLC lifted its position in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC raised its stake in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after buying an additional 42 shares in the last quarter. Washington Trust Bank lifted its holdings in Progressive by 4.1% during the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock worth $255,000 after buying an additional 42 shares during the period. SYM FINANCIAL Corp boosted its position in Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock valued at $384,000 after acquiring an additional 44 shares in the last quarter. Finally, Monument Capital Management increased its holdings in shares of Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock valued at $3,298,000 after acquiring an additional 44 shares during the period. Institutional investors own 85.34% of the company's stock.

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Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the sale, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. This trade represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,255 shares of company stock worth $17,250,271. 0.33% of the stock is owned by company insiders.

Progressive Stock Performance

NYSE:PGR traded down $3.59 during mid-day trading on Wednesday, hitting $280.70. The company's stock had a trading volume of 1,291,437 shares, compared to its average volume of 2,583,554. The business's fifty day moving average is $266.98 and its two-hundred day moving average is $256.35. The stock has a market cap of $164.56 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts' consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive's dividend payout ratio is currently 2.78%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Morgan Stanley raised their price objective on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Hsbc Global Res lowered shares of Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. HSBC downgraded shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. BMO Capital Markets reduced their price target on Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. raised their price objective on Progressive from $251.00 to $256.00 and gave the stock an "overweight" rating in a research report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $281.06.

About Progressive

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.