McElhenny Sheffield Capital Management LLC Invests $588,000 in The Progressive Co. (NYSE:PGR)

McElhenny Sheffield Capital Management LLC purchased a new position in The Progressive Co. (NYSE:PGR) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,319 shares of the insurance provider’s stock, valued at approximately $588,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. SG Americas Securities LLC increased its position in shares of Progressive by 4,545.0% in the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after buying an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after acquiring an additional 686,433 shares in the last quarter. Capital International Investors raised its position in Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares during the last quarter. Swedbank AB purchased a new stake in shares of Progressive in the first quarter valued at about $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ grew its position in shares of Progressive by 457.2% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after purchasing an additional 534,754 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PGR has been the topic of a number of recent research reports. Citigroup reduced their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Jefferies Financial Group upped their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods increased their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $268.81.

Progressive Trading Down 0.1 %

NYSE:PGR opened at $251.12 on Monday. The business’s 50-day moving average is $248.81 and its two-hundred day moving average is $224.24. The firm has a market capitalization of $147.08 billion, a PE ratio of 25.70, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Progressive news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,862 shares of company stock worth $17,926,234 in the last 90 days. 0.34% of the stock is owned by company 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.