Ted Buchan & Co Has $2.63 Million Stake in The Progressive Co. (NYSE:PGR)

Ted Buchan & Co increased its stake in The Progressive Co. (NYSE:PGR) by 13.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 10,976 shares of the insurance provider’s stock after purchasing an additional 1,272 shares during the quarter. Progressive makes up 1.2% of Ted Buchan & Co’s investment portfolio, making the stock its 25th largest holding. Ted Buchan & Co’s holdings in Progressive were worth $2,630,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its stake in shares of Progressive by 98.2% in the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock worth $189,000 after purchasing an additional 391 shares during the period. Assenagon Asset Management S.A. increased its position in Progressive by 2,262.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after buying an additional 415,628 shares during the period. Signal Advisors Wealth LLC lifted its holdings in shares of Progressive by 42.3% during the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock worth $2,849,000 after buying an additional 3,534 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Progressive by 30.5% in the fourth quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock valued at $255,882,000 after acquiring an additional 249,958 shares during the period. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Progressive in the third quarter worth $35,253,000. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $257.27 on Friday. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The firm’s 50-day moving average price is $269.14 and its two-hundred day moving average price is $256.74. 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 stock has a market capitalization of $150.82 billion, a price-to-earnings ratio of 17.87, a P/E/G ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share 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%. On average, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is 2.78%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group increased their price target on shares of Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, March 14th. BMO Capital Markets decreased their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Morgan Stanley boosted their price target on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Wells Fargo & Company raised their price objective on Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $280.29.

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 585 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 $142,324.65. Following the transaction, the chief accounting officer now owns 3,983 shares in the company, valued at $969,024.07. This trade represents a 12.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 11,021 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the transaction, the chief executive officer now owns 473,736 shares in the company, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,317 shares of company stock worth $14,844,282. 0.33% of the stock is currently owned by corporate insiders.

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.