Landing Point Financial Group LLC Acquires New Holdings in The Progressive Co. (NYSE:PGR)

Landing Point Financial Group LLC purchased a new stake in The Progressive Co. (NYSE:PGR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,765 shares of the insurance provider's stock, valued at approximately $453,000.

Several other institutional investors have also recently made changes to their positions in PGR. Versant Capital Management Inc increased its holdings in Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock worth $189,000 after buying an additional 391 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Progressive by 2,262.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock valued at $103,990,000 after acquiring an additional 415,628 shares during the period. Signal Advisors Wealth LLC increased its stake in shares of Progressive by 42.3% during the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock worth $2,849,000 after purchasing an additional 3,534 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Progressive by 30.5% in the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider's stock valued at $255,882,000 after purchasing an additional 249,958 shares during the period. Finally, Oddo BHF Asset Management Sas acquired a new stake in Progressive in the 3rd quarter valued at about $35,253,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insiders Place Their Bets

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the sale, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. The trade was a 35.47 % decrease in their ownership of the stock. The transaction 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 stock in a transaction on Friday, March 28th. The shares were sold at an average price of $275.94, for a total value of $2,759,400.00. Following the completion of the transaction, the chief financial officer now owns 258,024 shares of the company's stock, valued at $71,199,142.56. The trade was a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,749 shares of company stock worth $11,786,613 over the last three months. Insiders own 0.33% of the company's stock.

Progressive Price Performance

Shares of PGR traded up $0.01 during trading hours on Wednesday, hitting $265.09. 2,001,178 shares of the company were exchanged, compared to its average volume of 2,638,902. 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 Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a market cap of $155.40 billion, a price-to-earnings ratio of 18.41, a P/E/G ratio of 1.70 and a beta of 0.38. The firm's fifty day moving average is $274.00 and its 200 day moving average is $257.97.

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

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were given 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 0.15%. Progressive's dividend payout ratio is currently 2.70%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Morgan Stanley increased their price target on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Jefferies Financial Group reduced their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Barclays increased their price objective on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. Finally, BMO Capital Markets lifted their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.76.

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.