SevenBridge Financial Group LLC Acquires 53 Shares of The Progressive Co. (NYSE:PGR)

SevenBridge Financial Group LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 3.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,587 shares of the insurance provider’s stock after purchasing an additional 53 shares during the period. SevenBridge Financial Group LLC’s holdings in Progressive were worth $409,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PGR. OneAscent Financial Services LLC grew its stake in shares of Progressive by 36.7% in the fourth quarter. OneAscent Financial Services LLC now owns 3,192 shares of the insurance provider’s stock worth $765,000 after acquiring an additional 857 shares during the period. Huntington National Bank grew its position in Progressive by 2.9% in the 4th quarter. Huntington National Bank now owns 27,026 shares of the insurance provider’s stock worth $6,476,000 after purchasing an additional 752 shares during the period. Kesler Norman & Wride LLC raised its stake in Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after buying an additional 40 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of Progressive by 0.9% during the 4th quarter. Meeder Advisory Services Inc. now owns 10,118 shares of the insurance provider’s stock valued at $2,424,000 after buying an additional 91 shares during the period. Finally, Groupama Asset Managment boosted its stake in shares of Progressive by 727.8% in the 4th quarter. Groupama Asset Managment now owns 16,664 shares of the insurance provider’s stock worth $3,993,000 after buying an additional 14,651 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Saturday, March 22nd. UBS Group increased their price objective on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Friday, March 14th. BMO Capital Markets cut their target price 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. Wells Fargo & Company increased their price target on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, Morgan Stanley boosted their price objective on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $281.06.

Progressive Stock Performance

NYSE PGR opened at $281.38 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The business has a 50-day moving average price of $267.83 and a 200-day moving average price of $256.52. The firm has a market cap of $164.96 billion, a price-to-earnings ratio of 19.54, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last posted its quarterly 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%. As a group, equities research analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive’s payout ratio is 2.78%.

Insider Buying and Selling at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were 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 in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the completion of the transaction, the chief financial officer now owns 258,024 shares of the company’s stock, valued at approximately $71,199,142.56. This represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,255 shares of company stock worth $17,250,271 in the last quarter. 0.33% of the stock is owned by corporate insiders.

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.