Transform Wealth LLC Makes New Investment in The Progressive Co. (NYSE:PGR)

Transform Wealth LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,204 shares of the insurance provider’s stock, valued at approximately $5,799,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Davis Capital Management bought a new position in shares of Progressive during the 3rd quarter valued at $25,000. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new position in Progressive in the second quarter worth about $36,000. Friedenthal Financial bought a new stake in shares of Progressive during the 3rd quarter valued at about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progressive during the 3rd quarter valued at about $49,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PGR shares. Jefferies Financial Group raised their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI lifted their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Bank of America lifted their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Finally, Wells Fargo & Company upped their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

Progressive Price Performance

Shares of NYSE:PGR opened at $243.79 on Tuesday. 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 firm has a market cap of $142.82 billion, a price-to-earnings ratio of 17.72, a P/E/G ratio of 0.64 and a beta of 0.41. The firm has a fifty day moving average price of $249.85 and a 200 day moving average price of $242.95. The Progressive Co. has a fifty-two week low of $166.92 and a fifty-two week high of $270.62.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given 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 2.91%.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This trade represents a 3.30 % 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, insider Andrew J. Quigg sold 681 shares of the company’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 sale, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,938 shares of company stock valued at $7,473,490. 0.34% of the stock is currently owned by insiders.

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.