2,991 Shares in The Progressive Co. (NYSE:PGR) Bought by Gradient Investments LLC

Gradient Investments LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR) in the 4th quarter, HoldingsChannel reports. The fund bought 2,991 shares of the insurance provider’s stock, valued at approximately $717,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Dorsey Wright & Associates acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $1,466,000. Kathmere Capital Management LLC bought a new position in Progressive during the 2nd quarter worth $399,000. SkyView Investment Advisors LLC increased its position in Progressive by 11.1% in the second quarter. SkyView Investment Advisors LLC now owns 7,883 shares of the insurance provider’s stock worth $1,637,000 after buying an additional 787 shares during the period. Ascent Group LLC lifted its stake in Progressive by 9.9% in the second quarter. Ascent Group LLC now owns 36,937 shares of the insurance provider’s stock valued at $7,672,000 after buying an additional 3,313 shares during the last quarter. Finally, Magnolia Capital Advisors LLC acquired a new position in shares of Progressive during the second quarter valued at $8,820,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.4 %

NYSE PGR opened at $238.58 on Friday. The company has a market capitalization of $139.76 billion, a P/E ratio of 17.34, a PEG ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 12 month low of $175.50 and a 12 month high of $270.62. 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 company’s 50 day simple moving average is $248.27 and its 200 day simple moving average is $243.31.

Progressive Dividend Announcement

The business 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 0.17%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, valued at $115,255,231.44. This trade represents a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,506 shares of company stock valued at $10,531,159 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PGR shares. 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 report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Evercore ISI increased their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company increased their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $274.65.

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.