Choate Investment Advisors Buys 28,036 Shares of The Progressive Co. (NYSE:PGR)

Choate Investment Advisors increased its position in The Progressive Co. (NYSE:PGR - Free Report) by 105.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,669 shares of the insurance provider's stock after purchasing an additional 28,036 shares during the period. Choate Investment Advisors' holdings in Progressive were worth $13,099,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PGR. Atlantic Edge Private Wealth Management LLC raised its position in 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 buying an additional 41 shares during the last quarter. LRI Investments LLC raised its position in Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after buying an additional 42 shares during the last quarter. SYM FINANCIAL Corp raised 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 buying an additional 44 shares during the last quarter. Monument Capital Management raised its position in Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock worth $3,298,000 after buying an additional 44 shares during the last quarter. Finally, Kelleher Financial Advisors raised its position in Progressive by 4.7% in the 4th quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider's stock worth $238,000 after buying an additional 45 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

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Progressive Price Performance

Shares of NYSE PGR traded up $8.00 during midday trading on Monday, reaching $291.69. 3,454,385 shares of the stock traded hands, compared to its average volume of 2,379,282. 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 stock has a market capitalization of $170.99 billion, a PE ratio of 20.26, a P/E/G ratio of 1.70 and a beta of 0.35. The Progressive Co. has a one year low of $201.34 and a one year high of $291.40. The company's 50 day moving average is $259.18 and its 200 day moving average is $254.36.

Progressive (NYSE:PGR - Get Free Report) last posted its 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 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Bank of America decreased their target price on Progressive from $333.00 to $318.00 and set a "buy" rating for the company in a research report on Monday, March 10th. HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. Hsbc Global Res lowered shares of Progressive from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods reduced their price target on shares of Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a research report on Friday, January 10th. Finally, Roth Mkm upped their price target on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $281.76.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the sale, the chief executive officer now owns 473,736 shares in the company, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,257 shares of company stock worth $15,752,781. Company insiders own 0.34% 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.