Kestra Investment Management LLC Boosts Stake in The Progressive Co. (NYSE:PGR)

Kestra Investment Management LLC lifted its stake in The Progressive Co. (NYSE:PGR) by 1.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,965 shares of the insurance provider’s stock after acquiring an additional 47 shares during the quarter. Kestra Investment Management LLC’s holdings in Progressive were worth $950,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Raleigh Capital Management Inc. boosted its position in shares of Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its position in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the period. LRI Investments LLC boosted its position in shares of Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after buying an additional 42 shares during the period. SYM FINANCIAL Corp boosted its position in shares of Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after buying an additional 44 shares during the period. Finally, Monument Capital Management boosted its position in shares of Progressive by 0.3% in the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock worth $3,298,000 after buying an additional 44 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction that occurred on 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 directly owns 33,612 shares in the company, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at approximately $115,255,231.44. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Up 0.4 %

Shares of Progressive stock opened at $263.59 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The business’s 50 day simple moving average is $245.59 and its 200-day simple moving average is $248.21. The stock has a market capitalization of $154.41 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 0.64 and a beta of 0.42. The Progressive Co. has a twelve month low of $186.94 and a twelve month high of $270.62.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping 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%. Equities research analysts forecast that The Progressive Co. will post 14.44 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared 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 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is 2.78%.

Analyst Ratings Changes

PGR has been the subject of several analyst reports. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a research report on Thursday, December 26th. HSBC downgraded 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 reduced their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Evercore ISI increased their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company increased their price target on Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.88.

Progressive 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.