Gallacher Capital Management LLC Raises Holdings in The Progressive Co. (NYSE:PGR)

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

Other institutional investors have also recently made changes to their positions in the company. State Street Corp raised its holdings in Progressive by 1.3% in the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock worth $6,263,763,000 after purchasing an additional 315,411 shares during the period. Geode Capital Management LLC increased its position in shares of Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after buying an additional 1,682,213 shares in the last quarter. FMR LLC raised its stake in shares of Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock worth $2,669,204,000 after buying an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Progressive by 7.0% during 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 worth $1,286,036,000 after buying an additional 330,667 shares during the period. Finally, Jennison Associates LLC lifted its position in shares of Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock valued at $1,205,266,000 after buying an additional 842,109 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the business's 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 transaction, the chief accounting officer now directly owns 3,982 shares of the company's stock, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now 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. Over the last quarter, insiders sold 62,257 shares of company stock worth $15,752,781. Company insiders own 0.34% of the company's stock.

Progressive Trading Up 2.8 %

Shares of PGR traded up $8.00 during midday trading on Monday, hitting $291.69. 3,454,385 shares of the stock were exchanged, compared to its average volume of 2,379,282. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $291.40. The stock has a fifty day simple moving average of $259.18 and a 200 day simple moving average of $254.36. The firm has a market cap of $170.99 billion, a P/E ratio of 20.26, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR - Get Free Report) last announced 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 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 firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive's payout ratio is 2.78%.

Analysts Set New Price Targets

A number of research firms have weighed in on PGR. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Bank of America reduced their price target on shares of Progressive from $333.00 to $318.00 and set a "buy" rating for the company in a research report on Monday, March 10th. StockNews.com cut Progressive from a "buy" rating to a "hold" rating in a report on Friday. JPMorgan Chase & Co. increased their target price on Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a report on Friday, January 3rd. Finally, Keefe, Bruyette & Woods reduced their price objective on Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a research note on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $281.76.

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.