HB Wealth Management LLC Has $5.65 Million Stock Position in The Progressive Co. (NYSE:PGR)

HB Wealth Management LLC lifted its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 16.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,578 shares of the insurance provider's stock after acquiring an additional 3,281 shares during the quarter. HB Wealth Management LLC's holdings in Progressive were worth $5,650,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. boosted its stake in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new position in Progressive in the 2nd quarter valued at about $36,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Progressive during the 3rd quarter worth about $49,000. Finally, Friedenthal Financial purchased a new stake in shares of Progressive during the third quarter worth about $49,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PGR. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. 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. TD Cowen boosted their target price on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a report on Friday, November 8th. Wells Fargo & Company increased their price target on shares of Progressive from $299.00 to $302.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Finally, HSBC downgraded Progressive from a "buy" rating to a "hold" rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $275.24.

Progressive Stock Down 0.7 %

NYSE PGR traded down $1.75 on Friday, hitting $243.79. 1,967,879 shares of the stock traded hands, compared to its average volume of 2,000,825. The company has a market capitalization of $142.82 billion, a P/E ratio of 17.72, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The stock has a 50-day moving average of $250.18 and a 200 day moving average of $242.49. 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 Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive's dividend payout ratio is presently 2.91%.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the business's stock in a transaction 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 completion of the sale, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,919 shares of company stock worth $8,222,168. 0.34% of the stock is currently owned by company insiders.

Progressive Company 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.