MBM Wealth Consultants LLC Increases Position in The Progressive Co. (NYSE:PGR)

MBM Wealth Consultants LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 3.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 6,061 shares of the insurance provider’s stock after purchasing an additional 188 shares during the period. MBM Wealth Consultants LLC’s holdings in Progressive were worth $1,458,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Raleigh Capital Management Inc. boosted its position in shares of Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 41 shares during the last quarter. LRI Investments LLC lifted its stake in Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 42 shares in the last quarter. Castleview Partners LLC boosted its holdings in shares of Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares during the last quarter. Washington Trust Bank increased its holdings in shares of Progressive by 4.6% in the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after purchasing an additional 45 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its holdings in shares of Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction dated 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 owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,938 shares of company stock worth $7,473,490. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. BMO Capital Markets cut their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Bank of America raised their target price on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Barclays dropped their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Finally, Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $274.65.

Progressive Stock Down 1.2 %

Shares of NYSE PGR opened at $240.64 on Wednesday. The Progressive Co. has a 52-week low of $169.57 and a 52-week high of $270.62. The firm has a market capitalization of $140.97 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 0.63 and a beta of 0.41. The stock has a 50 day moving average price of $249.85 and a 200 day moving average price of $242.95. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive Announces Dividend

The company also recently declared 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s payout ratio is 2.91%.

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.