1ST Source Bank Buys 70 Shares of The Progressive Co. (NYSE:PGR)

1ST Source Bank grew its stake in The Progressive Co. (NYSE:PGR) by 5.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,256 shares of the insurance provider’s stock after purchasing an additional 70 shares during the period. 1ST Source Bank’s holdings in Progressive were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Versant Capital Management Inc grew its position in Progressive by 98.2% during the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock worth $189,000 after acquiring an additional 391 shares during the last quarter. Townsquare Capital LLC grew its position in Progressive by 90.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after acquiring an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after acquiring an additional 330,667 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Progressive by 2,262.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after acquiring an additional 415,628 shares during the last quarter. Finally, Signal Advisors Wealth LLC grew its position in Progressive by 42.3% during the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock worth $2,849,000 after acquiring an additional 3,534 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

PGR opened at $291.69 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The company has a fifty day simple moving average of $259.18 and a 200 day simple moving average of $254.36. The stock has a market cap of $170.99 billion, a P/E ratio of 20.26, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, research analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PGR. Bank of America decreased their price target on Progressive from $333.00 to $318.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a report on Thursday, December 26th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Barclays upped their price objective on Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, March 13th. Finally, Roth Mkm upped their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $281.76.

Insiders Place Their Bets

In related news, insider Patrick K. Callahan sold 4,669 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the completion of the sale, the insider now directly owns 15,191 shares in the company, valued at approximately $4,248,922.70. This trade represents a 23.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 1,227 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $281.00, for a total transaction of $344,787.00. Following the completion of the sale, the executive now owns 28,393 shares of the company’s stock, valued at $7,978,433. This trade represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,257 shares of company stock worth $15,752,781. Corporate insiders own 0.34% of the company’s stock.

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.