CenterBook Partners LP Has $1.96 Million Position in The Progressive Co. (NYSE:PGR)

CenterBook Partners LP raised its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 436.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,177 shares of the insurance provider's stock after purchasing an additional 6,653 shares during the quarter. CenterBook Partners LP's holdings in Progressive were worth $1,959,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kesler Norman & Wride LLC boosted its stake in shares of Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after buying an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its position in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares during the last quarter. LRI Investments LLC grew its stake in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock valued at $76,000 after purchasing an additional 42 shares in the last quarter. Washington Trust Bank increased its position in Progressive by 4.1% in the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock worth $255,000 after purchasing an additional 42 shares during the last quarter. Finally, SYM FINANCIAL Corp increased its position in Progressive by 2.8% in the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock worth $384,000 after purchasing an additional 44 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

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Progressive Stock Performance

Shares of PGR stock traded up $2.60 during trading hours on Friday, reaching $275.78. 3,052,599 shares of the company's stock were exchanged, compared to its average volume of 2,646,373. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $161.67 billion, a P/E ratio of 19.15, a P/E/G ratio of 1.70 and a beta of 0.38. The business has a fifty day moving average price of $271.85 and a 200-day moving average price of $257.20.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS 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%. Analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date was Thursday, April 3rd. Progressive's payout ratio is presently 2.78%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PGR. Wells Fargo & Company boosted their price target on Progressive from $317.00 to $320.00 and gave the company an "overweight" rating in a research note on Thursday. Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. UBS Group increased their price target on shares of Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday, March 14th. Barclays lifted their price objective on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday. Finally, StockNews.com downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Moderate Buy" and a consensus price target of $283.71.

Insider Transactions at Progressive

In other news, Director Devin C. Johnson sold 400 shares of the firm's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total transaction of $110,016.00. Following the completion of the transaction, the director now directly owns 8,370 shares of the company's stock, valued at approximately $2,302,084.80. This trade represents a 4.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Carl G. Joyce sold 360 shares of the company's stock in a transaction dated Friday, March 21st. The shares were 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 directly owns 655 shares in the company, valued at approximately $180,891.35. The trade was a 35.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,317 shares of company stock valued at $14,844,282. 0.34% of the stock is owned by corporate insiders.

Progressive 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.