Wealth Enhancement Advisory Services LLC grew its position in The Progressive Co. (NYSE:PGR - Free Report) by 96.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,382 shares of the insurance provider's stock after acquiring an additional 32,115 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Progressive were worth $13,522,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Trexquant Investment LP acquired a new stake in shares of Progressive in the third quarter valued at $1,468,000. Bamco Inc. NY boosted its stake in shares of Progressive by 4.0% during the 3rd quarter. Bamco Inc. NY now owns 13,000 shares of the insurance provider's stock worth $1,811,000 after acquiring an additional 500 shares in the last quarter. CWA Asset Management Group LLC boosted its stake in shares of Progressive by 29.3% during the 3rd quarter. CWA Asset Management Group LLC now owns 2,409 shares of the insurance provider's stock worth $336,000 after acquiring an additional 546 shares in the last quarter. Ancora Advisors LLC boosted its stake in Progressive by 1.4% during the 3rd quarter. Ancora Advisors LLC now owns 18,984 shares of the insurance provider's stock valued at $2,644,000 after purchasing an additional 266 shares during the period. Finally, Schonfeld Strategic Advisors LLC raised its holdings in Progressive by 10.3% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 88,227 shares of the insurance provider's stock valued at $12,290,000 after acquiring an additional 8,227 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.
Insiders Place Their Bets
In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company's stock, valued at approximately $6,808,963.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Devin C. Johnson sold 1,000 shares of the business's stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company's stock, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 24,518 shares of company stock valued at $5,055,674 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on the company. Citigroup increased their target price on Progressive from $230.00 to $232.00 and gave the stock a "neutral" rating in a report on Monday, June 17th. UBS Group lifted their price target on Progressive from $216.00 to $218.00 and gave the company a "neutral" rating in a research note on Wednesday, April 17th. Bank of America lifted their price target on Progressive from $279.00 to $286.00 and gave the stock a "buy" rating in a report on Thursday, May 16th. Wells Fargo & Company boosted their price objective on Progressive from $243.00 to $254.00 and gave the stock an "overweight" rating in a report on Monday, June 17th. Finally, Keefe, Bruyette & Woods boosted their price target on Progressive from $190.00 to $200.00 and gave the company a "market perform" rating in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $216.81.
Get Our Latest Analysis on Progressive
Progressive Trading Down 1.7 %
NYSE:PGR traded down $3.64 during trading hours on Friday, hitting $207.71. 4,068,275 shares of the company were exchanged, compared to its average volume of 2,532,151. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The company has a fifty day simple moving average of $209.49 and a 200 day simple moving average of $193.60. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The stock has a market capitalization of $121.66 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.
Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the business posted $0.65 EPS. Sell-side analysts expect that The Progressive Co. will post 11.32 EPS for the current fiscal year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive's dividend payout ratio is currently 4.09%.
About Progressive
(
Free Report)
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.
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