RFG Advisory LLC Purchases 1,264 Shares of The Progressive Co. (NYSE:PGR)

RFG Advisory LLC increased its stake in The Progressive Co. (NYSE:PGR) by 9.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,007 shares of the insurance provider’s stock after buying an additional 1,264 shares during the quarter. RFG Advisory LLC’s holdings in Progressive were worth $3,356,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Progressive during the 2nd quarter valued at $36,000. Friedenthal Financial purchased a new stake in Progressive during the 3rd quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Progressive during the 3rd quarter valued at $49,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PGR. Barclays cut their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Keefe, Bruyette & Woods cut their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Wells Fargo & Company increased their target price on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, BMO Capital Markets dropped their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $274.65.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, valued at approximately $115,255,231.44. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 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 $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,506 shares of company stock worth $10,531,159 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

NYSE:PGR opened at $238.58 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business’s 50-day simple moving average is $248.62 and its two-hundred day simple moving average is $243.11. The stock has a market cap of $139.76 billion, a PE ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 52 week low of $175.50 and a 52 week high of $270.62.

Progressive Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s payout ratio is 2.91%.

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.