SevenBridge Financial Group LLC Grows Position in The Progressive Co. (NYSE:PGR)

SevenBridge Financial Group LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 3.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,587 shares of the insurance provider’s stock after purchasing an additional 53 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Progressive were worth $409,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PGR. CreativeOne Wealth LLC purchased a new stake in shares of Progressive during the 3rd quarter valued at $230,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Progressive during the third quarter valued at about $49,000. Hilltop Holdings Inc. bought a new stake in Progressive during the third quarter worth about $580,000. Integrated Wealth Concepts LLC boosted its holdings in shares of Progressive by 8.4% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 22,791 shares of the insurance provider’s stock worth $5,783,000 after purchasing an additional 1,769 shares in the last quarter. Finally, Ingalls & Snyder LLC bought a new position in shares of Progressive during the 3rd quarter valued at about $278,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PGR. Roth Mkm upped their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. BMO Capital Markets decreased their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Wells Fargo & Company increased their target price on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Morgan Stanley lifted their price target on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $281.06.

Insider Activity

In other news, insider Andrew J. Quigg sold 681 shares of Progressive 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 completion of the transaction, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 1,542 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now directly owns 268,024 shares in the company, valued at $75,759,663.84. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,255 shares of company stock worth $17,250,271. Insiders own 0.33% of the company’s stock.

Progressive Trading Down 1.0 %

PGR opened at $281.38 on Thursday. The stock has a market cap of $164.96 billion, a PE ratio of 19.54, a PEG ratio of 1.70 and a beta of 0.38. The business has a 50 day moving average of $267.83 and a 200-day moving average of $256.52. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. 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 earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio is 2.78%.

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.