Foundations Investment Advisors LLC Purchases 1,905 Shares of The Progressive Co. (NYSE:PGR)

Foundations Investment Advisors LLC boosted its position in shares of The Progressive Co. (NYSE:PGR) by 227.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,742 shares of the insurance provider’s stock after purchasing an additional 1,905 shares during the period. Foundations Investment Advisors LLC’s holdings in Progressive were worth $657,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in Progressive by 20.6% during the 2nd quarter. NewEdge Advisors LLC now owns 30,429 shares of the insurance provider’s stock valued at $6,320,000 after purchasing an additional 5,199 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the last quarter. Kimelman & Baird LLC acquired a new stake in shares of Progressive in the second quarter valued at $36,000. EP Wealth Advisors LLC increased its stake in shares of Progressive by 19.8% in the second quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider’s stock valued at $393,000 after buying an additional 313 shares in the last quarter. Finally, Truist Financial Corp lifted its position in Progressive by 27.7% during the 2nd quarter. Truist Financial Corp now owns 289,341 shares of the insurance provider’s stock worth $60,099,000 after buying an additional 62,693 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of Progressive stock opened at $246.25 on Thursday. 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 stock’s fifty day simple moving average is $247.89 and its 200 day simple moving average is $244.25. The Progressive Co. has a 12 month low of $175.50 and a 12 month high of $270.62. The company has a market capitalization of $144.26 billion, a PE ratio of 17.90, a PEG ratio of 0.62 and a beta of 0.41.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, research analysts predict that The Progressive Co. will post 13.51 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Analyst Ratings Changes

Several research firms have weighed in on PGR. HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research report on Tuesday, December 10th. BMO Capital Markets dropped their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. 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. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a research note on Thursday, December 26th. Finally, Morgan Stanley cut their price target on Progressive from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $274.65.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available 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 transaction of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,506 shares of company stock valued at $10,531,159. 0.34% of the stock is owned by insiders.

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.