Gallacher Capital Management LLC Boosts Stake in The Progressive Co. (NYSE:PGR)

Gallacher Capital Management LLC boosted its stake in The Progressive Co. (NYSE:PGR - Free Report) by 84.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,954 shares of the insurance provider's stock after purchasing an additional 892 shares during the period. Gallacher Capital Management LLC's holdings in Progressive were worth $468,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Atlantic Edge Private Wealth Management LLC grew 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 purchasing an additional 41 shares during the period. LRI Investments LLC grew its position in shares of Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock valued at $76,000 after acquiring an additional 42 shares during the period. SYM FINANCIAL Corp grew its position in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock valued at $384,000 after acquiring an additional 44 shares during the period. Monument Capital Management grew its position in shares of Progressive by 0.3% during the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock valued at $3,298,000 after acquiring an additional 44 shares during the period. Finally, Kelleher Financial Advisors grew its position in shares of Progressive by 4.7% during the 4th quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider's stock valued at $238,000 after acquiring an additional 45 shares during the period. Institutional investors own 85.34% of the company's stock.

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Progressive Price Performance

Shares of PGR traded up $1.23 during midday trading on Thursday, hitting $274.52. 3,630,405 shares of the company traded hands, compared to its average volume of 2,416,802. The firm has a 50 day moving average of $260.59 and a 200-day moving average of $254.70. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The stock has a market cap of $160.92 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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, analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's payout ratio is 2.78%.

Insider Activity at Progressive

In related news, CIO Jonathan S. Bauer sold 1,696 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $479,391.36. Following the completion of the transaction, the executive now owns 26,697 shares of the company's stock, valued at approximately $7,546,174.02. This trade represents a 5.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, the chief financial officer now directly owns 282,958 shares of the company's stock, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,495 shares of company stock valued at $16,668,034. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent research reports. StockNews.com downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, March 14th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a research report on Friday, January 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Thursday. Wells Fargo & Company boosted their price objective on shares of Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Finally, Raymond James raised shares of Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, Progressive presently has an average rating of "Moderate Buy" and an average price target of $281.06.

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.