5,720 Shares in The Progressive Co. (NYSE:PGR) Purchased by Connective Portfolio Management LLC

Connective Portfolio Management LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,720 shares of the insurance provider’s stock, valued at approximately $1,371,000. Progressive comprises 2.0% of Connective Portfolio Management LLC’s portfolio, making the stock its 19th largest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new position in shares of Progressive during the third quarter worth about $25,000. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC purchased a new position in shares of Progressive during the 2nd quarter worth approximately $36,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Progressive in the 3rd quarter valued at approximately $49,000. Finally, Friedenthal Financial acquired a new position in Progressive during the third quarter worth $49,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,919 shares of company stock valued at $8,222,168. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $242.17 on Thursday. The stock has a market capitalization of $141.87 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 52-week low of $166.92 and a 52-week high of $270.62. The stock’s fifty day simple moving average is $251.06 and its 200-day simple moving average is $242.00.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities research analysts expect that The Progressive Co. will post 13.52 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be given a $0.10 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s dividend payout ratio is presently 2.91%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PGR shares. The Goldman Sachs Group boosted their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a report on Thursday, December 26th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research note on Tuesday, December 10th. Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $310.00 target price on shares of Progressive in a report on Friday, December 13th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.24.

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.