The Progressive Co. (NYSE:PGR) Shares Bought by NewEdge Wealth LLC

NewEdge Wealth LLC grew its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 0.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 14,194 shares of the insurance provider’s stock after acquiring an additional 99 shares during the period. NewEdge Wealth LLC’s holdings in Progressive were worth $1,977,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Creative Financial Designs Inc. ADV boosted its position in shares of Progressive by 95.0% in the second quarter. Creative Financial Designs Inc. ADV now owns 195 shares of the insurance provider’s stock worth $26,000 after buying an additional 95 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of Progressive in the first quarter worth about $31,000. Arlington Trust Co LLC purchased a new stake in shares of Progressive in the third quarter worth about $36,000. DecisionPoint Financial LLC purchased a new stake in shares of Progressive in the second quarter worth about $35,000. Finally, Vestor Capital LLC purchased a new stake in shares of Progressive in the second quarter worth about $101,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 0.8 %

Shares of Progressive stock opened at $182.18 on Tuesday. The company has a current ratio of 0.35, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The business’s 50 day simple moving average is $165.59 and its 200-day simple moving average is $150.80. The stock has a market capitalization of $106.58 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 1.01 and a beta of 0.35. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $182.64.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.53. The business had revenue of $16.89 billion for the quarter, compared to analysts’ expectations of $16.10 billion. Progressive had a return on equity of 21.10% and a net margin of 6.28%. During the same period in the prior year, the firm earned $1.52 EPS. Equities research analysts forecast that The Progressive Co. will post 8.59 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 26th. Stockholders of record on Friday, January 19th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend was Thursday, January 18th. Progressive’s payout ratio is 12.92%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PGR. Keefe, Bruyette & Woods upped their target price on Progressive from $158.00 to $175.00 and gave the stock a “market perform” rating in a research report on Friday, January 26th. UBS Group increased their price target on Progressive from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. TD Cowen assumed coverage on Progressive in a report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target for the company. The Goldman Sachs Group increased their price target on Progressive from $140.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday, November 7th. Finally, Barclays increased their price target on Progressive from $111.00 to $112.00 and gave the company an “underweight” rating in a report on Monday, November 20th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $169.22.

Read Our Latest Report on PGR

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 4,052 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $164.28, for a total transaction of $665,662.56. Following the sale, the insider now directly owns 25,769 shares in the company, valued at approximately $4,233,331.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Susan Patricia Griffith sold 90,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $162.89, for a total value of $14,660,100.00. Following the sale, the chief executive officer now directly owns 465,735 shares in the company, valued at approximately $75,863,574.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 4,052 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $164.28, for a total value of $665,662.56. Following the completion of the sale, the insider now owns 25,769 shares in the company, valued at $4,233,331.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 114,862 shares of company stock worth $18,747,693. 0.33% of the stock is currently owned by company insiders.

About Progressive

(Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

Further Reading

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRFree Report).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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