Financial Management Professionals Inc. Buys 422 Shares of The Progressive Co. (NYSE:PGR)

Financial Management Professionals Inc. increased its stake in The Progressive Co. (NYSE:PGR) by 161.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 683 shares of the insurance provider’s stock after purchasing an additional 422 shares during the period. Financial Management Professionals Inc.’s holdings in Progressive were worth $164,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Davis Capital Management bought a new position in Progressive in the third quarter valued at about $25,000. DiNuzzo Private Wealth Inc. lifted its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC bought a new position in shares of Progressive in the 2nd quarter valued at about $36,000. Friedenthal Financial acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Progressive during the third quarter worth approximately $49,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several recent research reports. BMO Capital Markets dropped 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. Barclays cut their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Jefferies Financial Group boosted their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. TD Cowen increased their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $310.00 target price on shares of Progressive in a research note on Friday, December 13th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $275.24.

Progressive Price Performance

Shares of NYSE PGR opened at $243.79 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $142.82 billion, a PE ratio of 17.72, a P/E/G ratio of 0.61 and a beta of 0.41. The firm has a fifty day simple moving average of $250.18 and a 200 day simple moving average of $242.49. The Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62.

Progressive Announces Dividend

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

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at $67,530,756.28. This represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,938 shares of company stock valued at $7,473,490 over the last ninety days. 0.34% of the stock is owned by corporate 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.