Lord & Richards Wealth Management LLC Purchases New Shares in The Progressive Co. (NYSE:PGR)

Lord & Richards Wealth Management LLC acquired a new position in The Progressive Co. (NYSE:PGR - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,135 shares of the insurance provider's stock, valued at approximately $512,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. State Street Corp boosted its position in Progressive by 1.3% during the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock worth $6,263,763,000 after purchasing an additional 315,411 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock worth $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. FMR LLC boosted its position in shares of Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock worth $2,669,204,000 after buying an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock valued at $1,286,036,000 after acquiring an additional 330,667 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock valued at $1,205,266,000 after acquiring an additional 842,109 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Ratings Changes

PGR has been the topic of several recent research reports. Hsbc Global Res downgraded shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods reduced their target price on Progressive from $295.00 to $294.00 and set an "outperform" rating on the stock in a research note on Friday, January 10th. Barclays increased their target price on Progressive from $261.00 to $264.00 and gave the company an "equal weight" rating in a report on Tuesday. BMO Capital Markets cut their price target on Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Finally, Raymond James raised Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price objective on the stock in a research note on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $275.88.

Progressive Trading Up 2.2 %

PGR stock traded up $5.78 on Wednesday, hitting $269.71. 3,223,067 shares of the company were exchanged, compared to its average volume of 2,521,833. 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 stock has a market capitalization of $158.00 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 0.66 and a beta of 0.42. The Progressive Co. has a twelve month low of $186.94 and a twelve month high of $270.79. The business's fifty day moving average is $246.11 and its two-hundred day moving average is $248.36.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts' consensus estimates 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, research analysts forecast that The Progressive Co. will post 14.44 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive's dividend payout ratio (DPR) is 2.78%.

Insider Activity

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the business'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 transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The shares were 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 owns 33,612 shares of the company's stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 in the last three months. Corporate insiders own 0.34% of the company's stock.

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.