Exchange Traded Concepts LLC Purchases 11,753 Shares of The Progressive Co. (NYSE:PGR)

Exchange Traded Concepts LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 102.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,263 shares of the insurance provider's stock after purchasing an additional 11,753 shares during the quarter. Exchange Traded Concepts LLC's holdings in Progressive were worth $5,574,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc lifted its stake in Progressive by 98.2% in the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock valued at $189,000 after buying an additional 391 shares in the last quarter. Townsquare Capital LLC lifted its position in Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider's stock valued at $1,983,000 after acquiring an additional 3,720 shares in the last quarter. Diversified Trust Co boosted its stake in Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock worth $6,531,000 after purchasing an additional 11,770 shares during the period. Sycomore Asset Management increased its holdings in Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock worth $5,856,000 after purchasing an additional 2,450 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock valued at $1,286,036,000 after purchasing an additional 330,667 shares during the period. Institutional investors own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PGR. Wells Fargo & Company increased their price objective on Progressive from $299.00 to $302.00 and gave the stock an "overweight" rating in a report on Monday, December 16th. TD Cowen lifted their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a report on Friday, November 8th. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a report on Friday, January 10th. Jefferies Financial Group lifted their price target on shares of Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. 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 research note on Monday, December 16th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus price target of $274.65.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,506 shares of company stock worth $10,531,159 over the last three months. Insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of NYSE:PGR traded down $0.93 on Friday, hitting $238.58. The company had a trading volume of 2,324,216 shares, compared to its average volume of 2,062,021. The stock has a 50 day moving average price of $248.27 and a 200 day moving average price of $243.31. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a market cap of $139.76 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 1-year low of $175.50 and a 1-year high of $270.62.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.17%. Progressive's dividend payout ratio (DPR) is presently 2.91%.

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.