Drive Wealth Management LLC Has $535,000 Stock Holdings in The Progressive Co. (NYSE:PGR)

Drive Wealth Management LLC lifted its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 3.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,232 shares of the insurance provider’s stock after purchasing an additional 79 shares during the period. Drive Wealth Management LLC’s holdings in Progressive were worth $535,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. acquired a new position in Progressive during the fourth quarter worth approximately $67,000. Clarendon Private LLC acquired a new position in shares of Progressive during the 4th quarter worth approximately $636,000. KFG Wealth Management LLC increased its holdings in shares of Progressive by 16.9% during the 4th quarter. KFG Wealth Management LLC now owns 1,289 shares of the insurance provider’s stock worth $309,000 after acquiring an additional 186 shares during the last quarter. First Citizens Bank & Trust Co. increased its holdings in shares of Progressive by 14.4% during the 4th quarter. First Citizens Bank & Trust Co. now owns 2,329 shares of the insurance provider’s stock worth $558,000 after acquiring an additional 293 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc raised its position in shares of Progressive by 40.4% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 238,250 shares of the insurance provider’s stock valued at $57,132,000 after purchasing an additional 68,589 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. BMO Capital Markets reduced their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Bank of America increased their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Wells Fargo & Company boosted their price target on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Finally, TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $274.65.

View Our Latest Analysis on PGR

Insider Activity

In other news, CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred 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 sale, the chief financial officer now owns 282,958 shares in the company, valued at approximately $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. In the last three months, insiders have sold 42,506 shares of company stock worth $10,531,159. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4 %

Shares of PGR stock opened at $238.58 on Monday. The stock’s fifty day moving average price is $248.27 and its two-hundred day moving average price is $243.55. The company has a market cap of $139.76 billion, a PE ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a fifty-two week low of $175.50 and a fifty-two week high of $270.62.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s payout ratio is currently 2.91%.

About Progressive

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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