Integrated Wealth Concepts LLC Has $6.50 Million Stock Position in The Progressive Co. (NYSE:PGR)

Integrated Wealth Concepts LLC grew its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 18.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,105 shares of the insurance provider's stock after purchasing an additional 4,314 shares during the period. Integrated Wealth Concepts LLC's holdings in Progressive were worth $6,495,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PGR. Webster Bank N. A. acquired a new position in shares of Progressive in the 4th quarter valued at about $26,000. Hager Investment Management Services LLC purchased a new stake in Progressive in the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Progressive by 54.7% during 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 during the period. Valley National Advisers Inc. grew its holdings in shares of 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 acquiring an additional 120 shares in the last quarter. Finally, Atala Financial Inc acquired a new position in shares of Progressive in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity

In related news, insider Lori A. Niederst sold 3,855 shares of the firm's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the completion of the sale, the insider now directly owns 39,040 shares of the company's stock, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey D. Kelly sold 10,000 shares of the business's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $250.00, for a total value of $2,500,000.00. Following the completion of the transaction, the director now directly owns 27,741 shares in the company, valued at approximately $6,935,250. This represents a 26.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 53,749 shares of company stock worth $14,472,513. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

Progressive stock traded up $6.79 on Tuesday, hitting $276.37. The company's stock had a trading volume of 2,690,518 shares, compared to its average volume of 2,633,333. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The firm has a market cap of $162.02 billion, a P/E ratio of 19.19, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average price of $274.12 and a 200-day moving average price of $258.47.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive's dividend payout ratio is currently 2.70%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PGR shares. StockNews.com downgraded Progressive from a "buy" rating to a "hold" rating in a research note on Friday, April 4th. UBS Group raised their target price 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 increased their price target on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Morgan Stanley boosted their price objective on shares of Progressive from $310.00 to $320.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a research note on Monday. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus price target of $287.41.

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.