The Progressive Co. (NYSE:PGR) Shares Acquired by Horizon Investment Services LLC

Horizon Investment Services LLC raised its stake in The Progressive Co. (NYSE:PGR - Free Report) by 24.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,506 shares of the insurance provider's stock after purchasing an additional 3,462 shares during the period. Progressive accounts for approximately 1.8% of Horizon Investment Services LLC's investment portfolio, making the stock its 18th largest holding. Horizon Investment Services LLC's holdings in Progressive were worth $4,195,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Webster Bank N. A. purchased a new stake in shares of Progressive during the fourth quarter worth about $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive in the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% during 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 last quarter. Valley National Advisers Inc. increased its stake in Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. Finally, Atala Financial Inc purchased a new position in shares of Progressive in the fourth quarter worth $32,000. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PGR shares. Wells Fargo & Company boosted their price target on Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Bank of America dropped their target price on Progressive from $318.00 to $300.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. Morgan Stanley raised their price target 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. UBS Group upped their price objective on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 14th. Finally, Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 10th. Six equities 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $281.06.

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Progressive Price Performance

Progressive stock traded down $3.35 during midday trading on Wednesday, reaching $280.94. The company had a trading volume of 1,189,321 shares, compared to its average volume of 2,583,274. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The firm's fifty day simple moving average is $266.98 and its 200-day simple moving average is $256.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a market capitalization of $164.70 billion, a P/E ratio of 19.51, a P/E/G ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping 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%. As a group, equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current 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 given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive's payout ratio is presently 2.78%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company's stock, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares of the company's stock, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,255 shares of company stock valued at $17,250,271. Corporate insiders own 0.33% of the company's stock.

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.