Monetary Management Group Inc. Buys 1,515 Shares of The Progressive Co. (NYSE:PGR)

Monetary Management Group Inc. lifted its position in The Progressive Co. (NYSE:PGR - Free Report) by 216.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,215 shares of the insurance provider's stock after buying an additional 1,515 shares during the period. Monetary Management Group Inc.'s holdings in Progressive were worth $531,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after purchasing an additional 583,376 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Progressive by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock worth $3,498,363,000 after acquiring an additional 189,638 shares in the last quarter. Norges Bank acquired a new stake in shares of Progressive during the fourth quarter worth $1,843,045,000. Invesco Ltd. increased its holdings in Progressive by 2.9% during the 4th quarter. Invesco Ltd. now owns 5,521,545 shares of the insurance provider's stock worth $1,323,018,000 after purchasing an additional 153,044 shares in the last quarter. Finally, GQG Partners LLC lifted its holdings in shares of Progressive by 67.6% in the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock valued at $1,239,143,000 after purchasing an additional 2,085,833 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

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Progressive Stock Performance

NYSE PGR traded up $0.01 during trading on Wednesday, reaching $276.12. The company's stock had a trading volume of 1,563,254 shares, compared to its average volume of 3,151,483. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The firm has a 50 day moving average price of $272.94 and a 200 day moving average price of $257.55. The firm has a market capitalization of $161.87 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (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, equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors 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 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is presently 2.78%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PGR shares. Roth Mkm upped their price target on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. StockNews.com cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Barclays raised their price objective on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a report on Friday, April 11th. Raymond James upgraded Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price target for the company in a research note on Thursday, December 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $283.71.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the transaction, the chief financial officer now owns 258,024 shares in the company, valued at approximately $71,199,142.56. This trade represents a 3.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the business's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now directly owns 655 shares of the company's stock, valued at $180,891.35. This trade represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock worth $14,844,282 over the last ninety days. 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.