Allworth Financial LP Grows Position in The Progressive Co. (NYSE:PGR)

Allworth Financial LP raised its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 14.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,356 shares of the insurance provider's stock after buying an additional 1,043 shares during the quarter. Allworth Financial LP's holdings in Progressive were worth $1,999,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Creative Planning raised its position in shares of Progressive by 14.9% in the 3rd quarter. Creative Planning now owns 70,443 shares of the insurance provider's stock worth $17,876,000 after purchasing an additional 9,114 shares during the last quarter. Capital Investment Advisors LLC raised its position in Progressive by 34.8% in the 3rd quarter. Capital Investment Advisors LLC now owns 1,434 shares of the insurance provider's stock worth $364,000 after buying an additional 370 shares during the last quarter. OLD National Bancorp IN raised its position in Progressive by 8.1% in the 3rd quarter. OLD National Bancorp IN now owns 1,620 shares of the insurance provider's stock worth $411,000 after buying an additional 122 shares during the last quarter. Vest Financial LLC purchased a new position in Progressive in the 3rd quarter worth about $880,000. Finally, Whittier Trust Co. raised its position in Progressive by 1.9% in the 3rd quarter. Whittier Trust Co. now owns 4,343 shares of the insurance provider's stock worth $1,102,000 after buying an additional 81 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Down 0.6 %

PGR stock traded down $1.68 during trading on Friday, reaching $265.99. 2,567,348 shares of the company traded hands, compared to its average volume of 2,505,890. The Progressive Co. has a 12 month low of $186.94 and a 12 month high of $270.79. The business has a 50 day simple moving average of $246.61 and a 200 day simple moving average of $248.49. The company has a market capitalization of $155.82 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 0.68 and a beta of 0.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating 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%. On average, equities research analysts anticipate that The Progressive Co. will post 14.5 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend was Friday, January 10th. Progressive's dividend payout ratio is presently 2.78%.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 9,066 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 $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 over the last ninety days. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their target price on Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a research report on Friday, January 10th. Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the stock a "buy" rating in a research report on Monday, November 18th. JPMorgan Chase & Co. boosted 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. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company boosted their target price on Progressive from $313.00 to $317.00 and gave the stock an "overweight" rating in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and an average price target of $276.12.

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.