Brighton Jones LLC Raises Stock Holdings in The Progressive Co. (NYSE:PGR)

Brighton Jones LLC raised its stake in The Progressive Co. (NYSE:PGR) by 15.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,392 shares of the insurance provider’s stock after buying an additional 457 shares during the quarter. Brighton Jones LLC’s holdings in Progressive were worth $813,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PGR. Geode Capital Management LLC boosted its position in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares during the period. Jennison Associates LLC grew its stake in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after buying an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after buying an additional 641,943 shares during the period. International Assets Investment Management LLC lifted its stake in Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after acquiring an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after acquiring an additional 590,235 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $115,255,231.44. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 42,506 shares of company stock valued at $10,531,159. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4 %

NYSE PGR opened at $238.58 on Friday. The firm’s fifty day moving average price is $248.27 and its 200 day moving average price is $243.31. The Progressive Co. has a 12 month low of $175.50 and a 12 month high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market capitalization of $139.76 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Evercore ISI raised their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. TD Cowen boosted their price target on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods cut their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $274.65.

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.