Pines Wealth Management LLC Takes Position in The Progressive Co. (NYSE:PGR)

Pines Wealth Management LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,250 shares of the insurance provider's stock, valued at approximately $295,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management bought a new stake in shares of Progressive in the 3rd quarter valued at about $25,000. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 73 shares in the last quarter. Kimelman & Baird LLC purchased a new position in Progressive in the second quarter worth $36,000. Friedenthal Financial acquired a new position in shares of Progressive during the third quarter worth $49,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progressive during the 3rd quarter valued at $49,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

Progressive stock traded up $3.10 during mid-day trading on Thursday, hitting $245.57. The company had a trading volume of 1,347,715 shares, compared to its average volume of 2,536,364. The company has a market capitalization of $143.86 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 0.61 and a beta of 0.41. The Progressive Co. has a 12-month low of $166.92 and a 12-month high of $270.62. The company's fifty day moving average is $251.06 and its 200-day moving average is $242.00. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Equities research analysts predict that The Progressive Co. will post 13.52 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Friday, January 10th. Progressive's dividend payout ratio (DPR) is presently 2.91%.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,981 shares of the business's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares of the company's stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,919 shares of company stock worth $8,222,168 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

Analyst Ratings Changes

PGR has been the topic of several research analyst reports. The Goldman Sachs Group boosted their target price on Progressive from $262.00 to $280.00 and gave the stock a "buy" rating in a research note on Wednesday, September 18th. Wells Fargo & Company boosted their price target on Progressive from $299.00 to $302.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Barclays decreased their price objective on shares of Progressive from $277.00 to $261.00 and set an "equal weight" rating for the company in a research report on Monday, January 6th. Raymond James raised shares of Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 target price on the stock in a research report on Thursday, December 26th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $310.00 price target on shares of Progressive in a report on Friday, December 13th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and an average price target of $275.24.

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.