The Progressive Co. (NYSE:PGR) Shares Purchased by Jackson Wealth Management LLC

Jackson Wealth Management LLC raised its position in The Progressive Co. (NYSE:PGR) by 80.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,996 shares of the insurance provider’s stock after purchasing an additional 887 shares during the quarter. Jackson Wealth Management LLC’s holdings in Progressive were worth $478,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc raised its stake in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after acquiring an additional 391 shares during the period. Townsquare Capital LLC boosted its position in shares of Progressive by 90.9% in the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after buying an additional 3,720 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 valued at $1,286,036,000 after buying an additional 330,667 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Progressive by 2,262.4% in 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 period. Finally, Nordea Investment Management AB raised its stake in shares of Progressive by 30.5% during the fourth quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock valued at $255,882,000 after purchasing an additional 249,958 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PGR. Barclays cut their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Evercore ISI lifted 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. BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Jefferies Financial Group upped 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. Finally, TD Cowen upped their target price on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $275.71.

Insider Activity at Progressive

In other news, insider Lori A. Niederst sold 3,855 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the completion of the sale, the insider now directly owns 39,040 shares of the company’s stock, valued at approximately $9,645,222.40. This represents a 8.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 282,958 shares of the company’s stock, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock worth $13,983,575 in the last three months. 0.34% of the stock is owned by company insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $248.13 on Wednesday. The Progressive Co. has a 1-year low of $179.90 and a 1-year high of $270.62. The firm has a market capitalization of $145.35 billion, a PE ratio of 17.23, a P/E/G ratio of 0.63 and a beta of 0.42. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The business’s fifty day moving average price is $246.68 and its two-hundred day moving average price is $245.09.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (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 14.4 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.78%.

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.