Envestnet Asset Management Inc. Purchases 52,518 Shares of The Progressive Co. (NYSE:PGR)

Envestnet Asset Management Inc. grew its position in The Progressive Co. (NYSE:PGR - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,786,825 shares of the insurance provider's stock after purchasing an additional 52,518 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.31% of Progressive worth $428,141,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PGR. Webster Bank N. A. bought a new stake in shares of Progressive in the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive in the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares during the period. Valley National Advisers Inc. raised its position in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after buying an additional 120 shares during the last quarter. Finally, Atala Financial Inc bought a new stake in shares of Progressive in the fourth quarter valued at about $32,000. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

NYSE:PGR traded up $1.85 during mid-day trading on Friday, reaching $275.03. 992,417 shares of the company were exchanged, compared to its average volume of 2,654,330. 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 cap of $161.23 billion, a PE ratio of 19.11, a PEG ratio of 1.70 and a beta of 0.38. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The company has a fifty day moving average of $271.29 and a 200 day moving average of $257.07.

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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 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%. On average, research analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive's payout ratio is currently 2.78%.

Insider Activity

In other news, insider Andrew J. Quigg sold 962 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the transaction, the insider now owns 34,787 shares of the company's stock, valued at $8,463,329.23. This represents a 2.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 585 shares of Progressive stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $142,324.65. Following the sale, the chief accounting officer now directly owns 3,983 shares of the company's stock, valued at approximately $969,024.07. This trade represents a 12.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock valued at $14,844,282 over the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on PGR shares. Keefe, Bruyette & Woods cut their price target on Progressive from $300.00 to $288.00 and set an "outperform" rating for the company in a report on Wednesday. UBS Group upped their target price on Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research note on Friday, March 14th. Roth Mkm raised their target price on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Morgan Stanley boosted their price target on shares of Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, BMO Capital Markets reduced their price objective on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Progressive has an average rating of "Moderate Buy" and a consensus price target of $281.59.

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.