Fairvoy Private Wealth LLC Purchases New Holdings in The Progressive Co. (NYSE:PGR)

Fairvoy Private Wealth LLC purchased a new stake in The Progressive Co. (NYSE:PGR) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 14,981 shares of the insurance provider’s stock, valued at approximately $3,590,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Webster Bank N. A. purchased a new position in Progressive in the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC purchased a new position in Progressive in the 4th quarter worth approximately $28,000. Valley National Advisers Inc. lifted its stake in 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 purchasing an additional 120 shares in the last quarter. DiNuzzo Private Wealth Inc. lifted its stake in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares in the last quarter. Finally, Independence Bank of Kentucky lifted 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 worth $42,000 after purchasing an additional 165 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total value of $2,386,600.00. Following the completion of the transaction, the chief financial officer now 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lori A. Niederst sold 3,855 shares of the company’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 transaction, the insider now owns 39,040 shares of the company’s stock, valued at $9,645,222.40. This represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,361 shares of company stock worth $13,983,575. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research reports. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a research note on Tuesday, December 10th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a report on Thursday, December 26th. Wells Fargo & Company raised their price target on shares of Progressive from $302.00 to $313.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Bank of America raised their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $275.71.

Progressive Stock Performance

NYSE:PGR opened at $251.33 on Friday. The company has a fifty day simple moving average of $245.92 and a two-hundred day simple moving average of $245.32. The company has a market cap of $147.23 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 0.63 and a beta of 0.42. 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 52 week low of $180.68 and a 52 week high of $270.62.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities analysts anticipate that The Progressive Co. will post 14.4 earnings per share for the current fiscal year.

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 dividend of $0.10 per share. The ex-dividend date of this dividend 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 currently 2.78%.

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.