Atlantic Edge Private Wealth Management LLC Buys 41 Shares of The Progressive Co. (NYSE:PGR)

Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 54.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 116 shares of the insurance provider’s stock after acquiring an additional 41 shares during the quarter. Atlantic Edge Private Wealth Management LLC’s holdings in Progressive were worth $28,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Versant Capital Management Inc increased its position in Progressive by 98.2% during the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after buying an additional 391 shares in the last quarter. Townsquare Capital LLC boosted its stake in shares of Progressive by 90.9% in the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after buying an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after buying an additional 330,667 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Progressive by 2,262.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after purchasing an additional 415,628 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in Progressive by 30.5% during the fourth quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock worth $255,882,000 after purchasing an additional 249,958 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

NYSE PGR opened at $249.61 on Tuesday. 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 business’s 50 day moving average is $245.24 and its two-hundred day moving average is $246.02. The Progressive Co. has a 12-month low of $180.72 and a 12-month high of $270.62. The stock has a market capitalization of $146.22 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.64 and a beta of 0.42.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Research analysts expect that The Progressive Co. will post 14.44 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PGR shares. Keefe, Bruyette & Woods decreased their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Evercore ISI raised their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Barclays cut their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $275.71.

About Progressive

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.