Mizuho Securities USA LLC Boosts Stake in The Progressive Co. (NYSE:PGR)

Mizuho Securities USA LLC increased its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 46.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,522 shares of the insurance provider's stock after acquiring an additional 17,545 shares during the quarter. Mizuho Securities USA LLC's holdings in Progressive were worth $13,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Webster Bank N. A. bought a new stake in Progressive in the fourth quarter worth $26,000. Hager Investment Management Services LLC bought a new position in Progressive in the 4th quarter worth about $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 valued at $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 Progressive in the fourth quarter worth about $32,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

PGR traded up $0.14 during midday trading on Tuesday, reaching $274.14. The company had a trading volume of 1,001,679 shares, compared to its average volume of 2,431,730. The business has a 50-day moving average of $262.72 and a two-hundred day moving average of $255.19. 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 1 year low of $201.34 and a 1 year high of $292.99. The company has a market cap of $160.70 billion, a P/E ratio of 19.02, a P/E/G ratio of 1.70 and a beta of 0.35.

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Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is 2.78%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays raised their price target on shares of Progressive from $264.00 to $285.00 and gave the company an "equal weight" rating in a research report on Thursday, March 13th. Roth Mkm boosted their price target on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. HSBC downgraded Progressive from a "buy" rating to a "hold" rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. UBS Group lifted their price objective on Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday, March 14th. Finally, Wells Fargo & Company upped their target price on shares of Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus price target of $281.06.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This represents 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 65,855 shares of company stock valued at $16,767,455. Company insiders own 0.34% of the company's stock.

About Progressive

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.