The Progressive Co. (NYSE:PGR) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC raised its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 1.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,615,430 shares of the insurance provider's stock after acquiring an additional 189,638 shares during the quarter. Geode Capital Management LLC owned approximately 2.49% of Progressive worth $3,498,363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Webster Bank N. A. acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC purchased a new stake in Progressive in the 4th quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC lifted its stake 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 valued at $28,000 after buying an additional 41 shares in the last quarter. Valley National Advisers Inc. boosted its stake 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 acquiring an additional 120 shares during the last quarter. Finally, Atala Financial Inc purchased a new stake in Progressive during the 4th quarter worth about $32,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PGR has been the subject of a number of analyst reports. 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. Roth Mkm increased 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. UBS Group lifted their price target 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 dropped 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. Finally, HSBC cut shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price on the stock. in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and a consensus price target of $281.06.

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Progressive Stock Up 2.0 %

NYSE PGR traded up $5.55 during trading hours on Thursday, hitting $286.78. The company had a trading volume of 3,830,895 shares, compared to its average volume of 2,596,582. The firm's 50 day moving average is $267.83 and its 200 day moving average is $256.52. The company has a market capitalization of $168.12 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 1.70 and a beta of 0.38. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

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 the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Sell-side analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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 paid a $0.10 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive's dividend payout ratio (DPR) is presently 2.78%.

Insider Activity at Progressive

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares of the company's stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the firm's 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 $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares of the company's stock, valued at $114,691,485.60. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,255 shares of company stock valued at $17,250,271. Corporate insiders own 0.33% of the company's stock.

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.