The Progressive Co. (NYSE:PGR) Shares Bought by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC increased its position in The Progressive Co. (NYSE:PGR) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,688 shares of the insurance provider’s stock after acquiring an additional 46 shares during the period. Lake Street Advisors Group LLC’s holdings in Progressive were worth $1,602,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Webster Bank N. A. purchased a new stake in Progressive during the fourth quarter worth $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive during the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the last quarter. Valley National Advisers Inc. boosted its position in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after buying an additional 120 shares in the last quarter. Finally, Independence Bank of Kentucky grew its stake in Progressive by 1,650.0% in the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after acquiring an additional 165 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. HSBC downgraded 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. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Bank of America boosted their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Finally, Roth Mkm increased their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $277.59.

Progressive Stock Performance

Shares of PGR stock opened at $273.13 on Thursday. The firm has a market capitalization of $160.00 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42. The company has a 50 day moving average price of $248.63 and a 200 day moving average price of $250.30. The Progressive Co. has a one year low of $186.94 and a one year high of $280.25. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share 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%. Sell-side analysts anticipate that The Progressive Co. will post 14.68 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 issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s payout ratio is 2.78%.

Insider Buying and Selling

In other Progressive news, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total transaction of $952,416.30. Following the completion of the sale, the insider now owns 39,040 shares in the company, valued at $9,645,222.40. The trade was a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now owns 33,612 shares in the company, valued at $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. In the last three months, insiders sold 56,361 shares of company stock valued at $13,983,575. Company insiders own 0.34% of the company’s stock.

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.