Atlantic Edge Private Wealth Management LLC Buys 41 Shares of The Progressive Co. (NYSE:PGR)

Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 54.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116 shares of the insurance provider’s stock after purchasing an additional 41 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in Progressive were worth $28,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PGR. Webster Bank N. A. purchased a new stake in Progressive in the 4th quarter worth about $26,000. Hager Investment Management Services LLC purchased a new position in Progressive during the 4th quarter valued at about $28,000. Valley National Advisers Inc. grew 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 buying an additional 120 shares in the last quarter. DiNuzzo Private Wealth Inc. grew its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares in the last quarter. Finally, Independence Bank of Kentucky grew 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 buying an additional 165 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of PGR stock opened at $249.61 on Tuesday. The stock has a market cap of $146.22 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.64 and a beta of 0.42. The business’s fifty day moving average is $245.24 and its 200 day moving average is $246.02. The Progressive Co. has a twelve month low of $180.72 and a twelve month high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced 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%. Research analysts expect that The Progressive Co. will post 14.44 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is 2.78%.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. TD Cowen boosted their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. JPMorgan Chase & Co. boosted their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Barclays cut their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Finally, Keefe, Bruyette & Woods cut their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average target price of $275.71.

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.