Falcon Wealth Planning Buys New Holdings in The Progressive Co. (NYSE:PGR)

Falcon Wealth Planning purchased a new position in shares of The Progressive Co. (NYSE:PGR) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 976 shares of the insurance provider’s stock, valued at approximately $234,000.

A number of other large investors also recently modified their holdings of the company. Raleigh Capital Management Inc. increased its stake in Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the last quarter. LRI Investments LLC grew its position in shares of Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 42 shares during the last quarter. Castleview Partners LLC boosted its stake in Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 45 shares during the period. Washington Trust Bank grew its position in Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after purchasing an additional 45 shares during the last quarter. Finally, Kelleher Financial Advisors increased its stake in Progressive by 4.7% in the fourth quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider’s stock valued at $238,000 after purchasing an additional 45 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Progressive stock opened at $244.86 on Wednesday. The Progressive Co. has a fifty-two week low of $175.50 and a fifty-two week high of $270.62. The company has a market capitalization of $143.44 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 0.62 and a beta of 0.41. The stock has a fifty day moving average of $248.08 and a two-hundred day moving average of $244.03. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PGR shares. Wells Fargo & Company upped their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Jefferies Financial Group lifted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research note on Thursday, December 26th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $274.65.

Insider Buying and Selling at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $234,044.98. Following the completion of the sale, the insider now directly owns 34,787 shares of the company’s stock, valued at $8,463,329.23. The trade was a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,506 shares of company stock worth $10,531,159. Corporate insiders own 0.34% of the company’s stock.

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.