Procyon Advisors LLC Acquires 188 Shares of The Progressive Co. (NYSE:PGR)

Procyon Advisors LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 3.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,053 shares of the insurance provider’s stock after purchasing an additional 188 shares during the period. Procyon Advisors LLC’s holdings in Progressive were worth $1,211,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Retireful LLC purchased a new position in shares of Progressive during the 4th quarter valued at about $644,000. Ritholtz Wealth Management raised its stake in Progressive by 4.8% during the 4th quarter. Ritholtz Wealth Management now owns 7,619 shares of the insurance provider’s stock worth $1,826,000 after acquiring an additional 349 shares during the period. Carnegie Investment Counsel lifted its holdings in Progressive by 0.7% during the fourth quarter. Carnegie Investment Counsel now owns 280,488 shares of the insurance provider’s stock valued at $67,208,000 after purchasing an additional 2,073 shares in the last quarter. Gateway Investment Advisers LLC boosted its position in shares of Progressive by 155.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 6,154 shares of the insurance provider’s stock worth $1,475,000 after purchasing an additional 3,747 shares during the period. Finally, Rovin Capital UT ADV increased its stake in shares of Progressive by 6.9% in the fourth quarter. Rovin Capital UT ADV now owns 1,667 shares of the insurance provider’s stock worth $399,000 after purchasing an additional 107 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. HSBC cut 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. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Wells Fargo & Company increased their target price on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. TD Cowen boosted their price target on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Finally, Barclays cut their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $275.24.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at $114,691,485.60. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,919 shares of company stock worth $8,222,168. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

Progressive stock opened at $243.79 on Friday. 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 Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62. The company’s 50-day moving average price is $250.53 and its 200-day moving average price is $242.03. The company has a market cap of $142.82 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities research analysts forecast that The Progressive Co. will post 13.52 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.91%.

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.