Marino Stram & Associates LLC Raises Holdings in The Progressive Co. (NYSE:PGR)

Marino Stram & Associates LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 3.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,202 shares of the insurance provider’s stock after acquiring an additional 131 shares during the quarter. Marino Stram & Associates LLC’s holdings in Progressive were worth $1,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the business. Evergreen Capital Management LLC raised its position in shares of Progressive by 8.4% in the 2nd quarter. Evergreen Capital Management LLC now owns 4,988 shares of the insurance provider’s stock worth $1,036,000 after acquiring an additional 385 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Progressive by 60.1% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 112,179 shares of the insurance provider’s stock worth $23,301,000 after buying an additional 42,094 shares during the last quarter. Insigneo Advisory Services LLC boosted its stake in shares of Progressive by 22.5% in the 2nd quarter. Insigneo Advisory Services LLC now owns 6,636 shares of the insurance provider’s stock worth $1,400,000 after buying an additional 1,218 shares during the last quarter. Zurich Insurance Group Ltd FI lifted its position in Progressive by 75.3% during the second quarter. Zurich Insurance Group Ltd FI now owns 547,512 shares of the insurance provider’s stock valued at $113,724,000 after purchasing an additional 235,269 shares in the last quarter. Finally, Point72 Europe London LLP purchased a new position in Progressive during the second quarter valued at $6,481,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods decreased 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. Barclays reduced their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Evercore ISI lifted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research note on Tuesday, December 10th. Finally, Morgan Stanley reduced their price objective on Progressive from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.65.

Insider Activity at Progressive

In other news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now directly 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,938 shares of company stock valued at $7,473,490 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $239.13 on Thursday. The business’s fifty day simple moving average is $249.42 and its 200-day simple moving average is $243.16. The company has a market cap of $140.08 billion, a PE ratio of 17.38, a PEG ratio of 0.63 and a beta of 0.41. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $169.57 and a 12-month high of $270.62.

Progressive Announces Dividend

The firm 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 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s payout ratio is presently 2.91%.

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.