Encompass More Asset Management Raises Stock Holdings in The Progressive Co. (NYSE:PGR)

Encompass More Asset Management raised its position in shares of The Progressive Co. (NYSE:PGR) by 31.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,809 shares of the insurance provider’s stock after buying an additional 678 shares during the period. Encompass More Asset Management’s holdings in Progressive were worth $673,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares during the period. Jennison Associates LLC boosted its holdings in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Progressive by 75.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after acquiring an additional 641,943 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after purchasing an additional 594,330 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.0 %

Shares of PGR opened at $239.29 on Friday. The Progressive Co. has a 1 year low of $175.50 and a 1 year high of $270.62. The company has a 50 day simple moving average of $248.98 and a two-hundred day simple moving average of $243.14. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market cap of $140.18 billion, a P/E ratio of 17.36, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s dividend payout ratio is currently 2.91%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PGR. Evercore ISI increased their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Morgan Stanley decreased their target price on Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday. BMO Capital Markets dropped their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Bank of America boosted their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, Jefferies Financial Group increased their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Six 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 company currently has an average rating of “Moderate Buy” and an average price target of $274.65.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 10,000 shares of the company’s 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 sale, the chief financial officer now owns 282,958 shares of the company’s stock, valued at $67,530,756.28. This represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew J. Quigg sold 681 shares of the 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 transaction, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,506 shares of company stock worth $10,531,159 in the last 90 days. 0.34% of the stock is currently owned by corporate 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.