Perigon Wealth Management LLC Purchases 478 Shares of The Progressive Co. (NYSE:PGR)

Perigon Wealth Management LLC grew its position in The Progressive Co. (NYSE:PGR) by 11.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,503 shares of the insurance provider’s stock after acquiring an additional 478 shares during the period. Perigon Wealth Management LLC’s holdings in Progressive were worth $1,106,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC increased its position in Progressive by 13.2% during 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 buying an additional 1,682,213 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Progressive by 21.6% during the 3rd 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 during the period. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Progressive by 75.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after acquiring an additional 641,943 shares during the last quarter. International Assets Investment Management LLC raised its stake in 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 valued at $151,325,000 after acquiring an additional 594,330 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after purchasing an additional 590,235 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the business’s 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 sale, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,506 shares of company stock worth $13,031,159 in the last ninety days. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research report on Thursday, December 26th. Morgan Stanley cut their price objective on shares of Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday, January 21st. JPMorgan Chase & Co. upped their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. TD Cowen lifted their price target on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Finally, Bank of America upped their price objective on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.29.

Progressive Price Performance

PGR stock opened at $249.20 on Friday. The company’s 50-day moving average price is $247.67 and its two-hundred day moving average price is $244.27. The firm has a market cap of $145.98 billion, a P/E ratio of 18.11, a P/E/G ratio of 0.62 and a beta of 0.41. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12 month low of $176.37 and a 12 month high of $270.62.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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 11.27% and a return on equity of 33.10%. On average, analysts anticipate that The Progressive Co. will post 13.51 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued 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 0.16%. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

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.