Chiron Investment Management LLC purchased a new stake in The Progressive Co. (NYSE:PGR - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 20,194 shares of the insurance provider's stock, valued at approximately $5,124,000. Progressive accounts for 1.8% of Chiron Investment Management LLC's portfolio, making the stock its 23rd largest holding.
Several other hedge funds have also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC increased its holdings in Progressive by 17.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 76,709 shares of the insurance provider's stock valued at $15,933,000 after purchasing an additional 11,327 shares in the last quarter. Great Valley Advisor Group Inc. bought a new position in shares of Progressive in the second quarter valued at about $347,000. ORG Partners LLC lifted its position in Progressive by 3,150.0% during the 2nd quarter. ORG Partners LLC now owns 2,080 shares of the insurance provider's stock worth $436,000 after buying an additional 2,016 shares in the last quarter. J.Safra Asset Management Corp acquired a new position in Progressive during the 2nd quarter worth about $64,000. Finally, Financial Strategies Group Inc. grew its holdings in Progressive by 12.3% during the 2nd quarter. Financial Strategies Group Inc. now owns 30,238 shares of the insurance provider's stock worth $6,335,000 after acquiring an additional 3,309 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Trading Down 1.7 %
Shares of NYSE PGR traded down $4.20 during midday trading on Wednesday, reaching $243.07. The stock had a trading volume of 1,639,123 shares, compared to its average volume of 2,467,552. The company's 50 day moving average price is $254.38 and its 200 day moving average price is $236.13. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $270.62. The firm has a market cap of $142.39 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38.
Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, sell-side analysts expect that The Progressive Co. will post 13.2 EPS for the current year.
Progressive Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a $0.10 dividend. The ex-dividend date is Thursday, January 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive's dividend payout ratio is presently 2.91%.
Insider Buying and Selling
In related news, Director Dyke Kahina Van sold 2,180 shares of the company's stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company's stock, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,839 shares of company stock worth $6,718,965. 0.34% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several research firms have recently commented on PGR. Morgan Stanley increased their price target on shares of Progressive from $300.00 to $310.00 and gave the company an "overweight" rating in a research note on Friday, October 18th. Evercore ISI lifted their price objective on Progressive from $277.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Barclays upped their target price on shares of Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 23rd. Wells Fargo & Company boosted their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group boosted their price target on shares of Progressive from $262.00 to $280.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $270.69.
Get Our Latest Research Report on PGR
Progressive Company Profile
(
Free Report)
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.
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