LPL Financial LLC Has $113.50 Million Position in The Progressive Co. (NYSE:PGR)

LPL Financial LLC grew its position in shares of The Progressive Co. (NYSE:PGR) by 21.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 473,677 shares of the insurance provider’s stock after buying an additional 82,404 shares during the period. LPL Financial LLC owned approximately 0.08% of Progressive worth $113,498,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Great Valley Advisor Group Inc. lifted its position in shares of Progressive by 67.1% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,788 shares of the insurance provider’s stock valued at $707,000 after acquiring an additional 1,120 shares during the period. Kingsview Wealth Management LLC raised its stake in Progressive by 20.1% in the third quarter. Kingsview Wealth Management LLC now owns 2,001 shares of the insurance provider’s stock valued at $508,000 after purchasing an additional 335 shares in the last quarter. Algert Global LLC bought a new stake in Progressive during the third quarter worth about $3,490,000. Penserra Capital Management LLC grew its stake in Progressive by 71.6% during the third quarter. Penserra Capital Management LLC now owns 7,076 shares of the insurance provider’s stock worth $1,794,000 after buying an additional 2,953 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in Progressive by 541.2% in the 3rd quarter. Larson Financial Group LLC now owns 218 shares of the insurance provider’s stock valued at $55,000 after buying an additional 184 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now directly owns 282,958 shares of the company’s stock, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,855 shares of company stock worth $16,767,455. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PGR. UBS Group increased their price target on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Wells Fargo & Company lifted their price target on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Roth Mkm lifted their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley increased their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $281.06.

Progressive Stock Performance

NYSE:PGR opened at $274.57 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a 50 day simple moving average of $263.42 and a two-hundred day simple moving average of $255.37. The company has a market capitalization of $160.96 billion, a PE ratio of 19.07, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive’s dividend payout ratio is currently 2.78%.

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.