The Progressive Co. (NYSE:PGR) Shares Bought by Rinkey Investments

Rinkey Investments grew its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 34.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,537 shares of the insurance provider's stock after purchasing an additional 2,207 shares during the period. Progressive makes up about 0.7% of Rinkey Investments' portfolio, making the stock its 28th biggest holding. Rinkey Investments' holdings in Progressive were worth $2,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Webster Bank N. A. acquired a new position in shares of Progressive in the 4th quarter valued at $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive in the 4th quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after acquiring an additional 41 shares during the period. Valley National Advisers Inc. increased its position in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 120 shares during the period. Finally, Atala Financial Inc acquired a new position in shares of Progressive in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Price Performance

NYSE PGR traded up $6.79 during mid-day trading on Tuesday, hitting $276.37. The stock had a trading volume of 2,690,518 shares, compared to its average volume of 2,633,333. The firm's 50 day moving average is $274.12 and its 200 day moving average is $258.47. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The stock has a market capitalization of $162.02 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive's payout ratio is currently 2.70%.

Analyst Ratings Changes

PGR has been the topic of several research reports. UBS Group upped their target price on Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, March 14th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Roth Mkm increased 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. Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target on the stock in a research report on Monday. Finally, Barclays increased their price target on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $287.41.

Insider Buying and Selling at Progressive

In related news, Director Jeffrey D. Kelly sold 10,000 shares of the firm's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $250.00, for a total transaction of $2,500,000.00. Following the completion of the transaction, the director now directly owns 27,741 shares in the company, valued at $6,935,250. This trade represents a 26.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lori A. Niederst sold 3,855 shares of the firm's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the transaction, the insider now owns 39,040 shares of the company's stock, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 53,749 shares of company stock worth $14,472,513 in the last three months. 0.34% of the stock is owned by corporate insiders.

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.