The Progressive Co. (NYSE:PGR) Shares Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI lifted its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 13.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,265 shares of the insurance provider's stock after acquiring an additional 1,884 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Progressive were worth $3,897,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Webster Bank N. A. purchased a new stake in Progressive during the fourth quarter worth $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Progressive in the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC grew its stake in 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 last quarter. Valley National Advisers Inc. increased its holdings in Progressive by 3,000.0% during 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 in the last quarter. Finally, Independence Bank of Kentucky increased its holdings in Progressive by 1,650.0% during the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider's stock valued at $42,000 after acquiring an additional 165 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PGR. Barclays increased their price target on shares of Progressive from $261.00 to $264.00 and gave the company an "equal weight" rating in a research report on Tuesday, February 18th. Raymond James upgraded Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 target price on the stock in a report on Thursday, December 26th. HSBC cut Progressive from a "buy" rating to a "hold" rating and set a $267.00 price target for the company. in a report on Tuesday, December 10th. BMO Capital Markets decreased their price objective on Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Finally, Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $276.59.

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Progressive Stock Down 0.5 %

Shares of NYSE PGR opened at $277.33 on Wednesday. The stock has a market capitalization of $162.57 billion, a PE ratio of 19.26, a P/E/G ratio of 1.70 and a beta of 0.35. 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 firm has a fifty day moving average of $255.77 and a 200-day moving average of $253.33. The Progressive Co. has a 52-week low of $195.57 and a 52-week high of $287.49.

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

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is presently 2.78%.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 4,669 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the completion of the sale, the insider now owns 15,191 shares of the company's stock, valued at $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares in the company, valued at $67,530,756.28. The trade was a 3.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,257 shares of company stock worth $15,752,781. Company insiders own 0.34% of the company's stock.

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.

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