2,686 Shares in The Progressive Co. (NYSE:PGR) Acquired by Retireful LLC

Retireful LLC purchased a new stake in The Progressive Co. (NYSE:PGR) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 2,686 shares of the insurance provider’s stock, valued at approximately $644,000.

A number of other hedge funds have also recently made changes to their positions in the company. Ritholtz Wealth Management boosted its stake in Progressive by 4.8% during the fourth quarter. Ritholtz Wealth Management now owns 7,619 shares of the insurance provider’s stock valued at $1,826,000 after buying an additional 349 shares during the period. Carnegie Investment Counsel raised its holdings in shares of Progressive by 0.7% in the 4th quarter. Carnegie Investment Counsel now owns 280,488 shares of the insurance provider’s stock valued at $67,208,000 after acquiring an additional 2,073 shares in the last quarter. Gateway Investment Advisers LLC boosted its position in shares of Progressive by 155.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 6,154 shares of the insurance provider’s stock valued at $1,475,000 after acquiring an additional 3,747 shares during the last quarter. Rovin Capital UT ADV grew its holdings in shares of Progressive by 6.9% during the fourth quarter. Rovin Capital UT ADV now owns 1,667 shares of the insurance provider’s stock worth $399,000 after purchasing an additional 107 shares in the last quarter. Finally, Connective Portfolio Management LLC bought a new position in shares of Progressive in the fourth quarter worth approximately $1,371,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $114,691,485.60. This trade represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock valued at $8,222,168 over the last ninety days. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PGR has been the subject of several research analyst reports. Bank of America lifted their target price on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 target price on shares of Progressive in a research report on Friday, December 13th. Jefferies Financial Group raised their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. TD Cowen upped their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Finally, 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. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $275.24.

Progressive Stock Performance

NYSE:PGR opened at $245.57 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a fifty-two week low of $166.92 and a fifty-two week high of $270.62. The business has a 50 day moving average price of $250.72 and a 200-day moving average price of $242.01. The firm has a market cap of $143.86 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities research analysts predict that The Progressive Co. will post 13.52 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 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.