MML Investors Services LLC Boosts Position in The Progressive Co. (NYSE:PGR)

MML Investors Services LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 46.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 69,859 shares of the insurance provider's stock after purchasing an additional 22,228 shares during the period. MML Investors Services LLC's holdings in Progressive were worth $16,739,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PGR. Kesler Norman & Wride LLC lifted its position in shares of Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after acquiring an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Progressive by 54.7% during the fourth 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 period. Washington Trust Bank raised its holdings in shares of Progressive by 4.1% during the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock valued at $255,000 after purchasing an additional 42 shares during the period. SYM FINANCIAL Corp boosted its position in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock worth $384,000 after purchasing an additional 44 shares in the last quarter. Finally, Monument Capital Management grew its stake in shares of Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock valued at $3,298,000 after buying an additional 44 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PGR has been the topic of several recent research reports. StockNews.com lowered Progressive from a "buy" rating to a "hold" rating in a report on Friday, April 4th. Morgan Stanley increased their target price on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Wells Fargo & Company boosted their price target on shares of Progressive from $320.00 to $324.00 and gave the company an "overweight" rating in a research note on Thursday, April 17th. Roth Mkm upped their price objective on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, 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 report on Friday, April 11th. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $285.76.

Insider Activity

In other news, Director Jeffrey D. Kelly sold 10,000 shares of Progressive stock in a transaction dated Wednesday, January 29th. The shares were 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 owns 27,741 shares in the company, valued at $6,935,250. This trade represents a 26.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 1,542 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the completion of the sale, the chief financial officer now directly owns 268,024 shares in the company, valued at approximately $75,759,663.84. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,749 shares of company stock valued at $11,786,613 in the last three months. Company insiders own 0.33% of the company's stock.

Progressive Stock Performance

Progressive stock traded down $0.08 during mid-day trading on Friday, reaching $265.11. 1,826,933 shares of the company's stock were exchanged, compared to its average volume of 2,635,438. The business's fifty day simple moving average is $274.12 and its 200 day simple moving average is $258.26. 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 one year low of $201.34 and a one year high of $292.99. The firm has a market capitalization of $155.42 billion, a PE ratio of 18.41, a P/E/G ratio of 1.70 and a beta of 0.38.

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

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date was Thursday, April 3rd. Progressive's payout ratio is 2.70%.

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.