DRW Securities LLC Takes $1.27 Million Position in The Progressive Co. (NYSE:PGR)

DRW Securities LLC acquired a new position in shares of The Progressive Co. (NYSE:PGR - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,305 shares of the insurance provider's stock, valued at approximately $1,271,000.

A number of other institutional investors also recently made changes to their positions in PGR. Versant Capital Management Inc lifted its holdings in Progressive by 98.2% during the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock worth $189,000 after purchasing an additional 391 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Progressive by 2,262.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock worth $103,990,000 after buying an additional 415,628 shares in the last quarter. Signal Advisors Wealth LLC boosted its position in shares of Progressive by 42.3% in the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock valued at $2,849,000 after acquiring an additional 3,534 shares during the period. Nordea Investment Management AB grew its stake in shares of Progressive by 30.5% in the fourth quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider's stock valued at $255,882,000 after acquiring an additional 249,958 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new position in Progressive during the third quarter worth about $35,253,000. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Shares of NYSE:PGR traded up $2.60 during trading on Friday, hitting $275.78. 3,052,599 shares of the company were exchanged, compared to its average volume of 2,646,373. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a market capitalization of $161.67 billion, a P/E ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. 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 business's 50 day moving average is $271.85 and its 200-day moving average is $257.20.

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Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (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%. Equities analysts forecast 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 was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is currently 2.78%.

Insider Activity

In other news, CAO Mariann Wojtkun Marshall sold 585 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $142,324.65. Following the transaction, the chief accounting officer now directly owns 3,983 shares of the company's stock, valued at $969,024.07. This represents a 12.81 % 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 Carl G. Joyce sold 360 shares of Progressive stock in a transaction on 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 of the company's stock, 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. Over the last 90 days, insiders have sold 56,317 shares of company stock worth $14,844,282. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PGR shares. Bank of America lowered shares of Progressive from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $300.00 to $287.00 in a research report on Friday, April 4th. Wells Fargo & Company raised their price objective on Progressive from $317.00 to $320.00 and gave the stock an "overweight" rating in a research note on Thursday. UBS Group lifted their price objective on Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 14th. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Finally, Keefe, Bruyette & Woods dropped their price target on Progressive from $300.00 to $288.00 and set an "outperform" rating for the company in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $283.71.

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.