The Progressive Co. (NYSE:PGR) Shares Acquired by Cardinal Strategic Wealth Guidance

Cardinal Strategic Wealth Guidance lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 168.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,555 shares of the insurance provider’s stock after purchasing an additional 1,605 shares during the quarter. Cardinal Strategic Wealth Guidance’s holdings in Progressive were worth $612,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Webster Bank N. A. acquired a new position in Progressive during the 4th quarter worth about $26,000. Hager Investment Management Services LLC purchased a new stake in Progressive during the fourth quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC lifted its position in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Valley National Advisers Inc. grew its holdings in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. boosted its position in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

PGR stock opened at $249.61 on Tuesday. The business has a 50 day simple moving average of $245.24 and a 200-day simple moving average of $246.02. The company has a market capitalization of $146.22 billion, a P/E ratio of 17.33, a PEG ratio of 0.64 and a beta of 0.42. The Progressive Co. has a twelve month low of $180.72 and a twelve month high of $270.62. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities analysts anticipate that The Progressive Co. will post 14.44 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.78%.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent research reports. Evercore ISI upped their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Morgan Stanley boosted their price target on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. Finally, Wells Fargo & Company increased their target price on Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $275.71.

Insiders Place Their Bets

In related news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $115,255,231.44. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by company insiders.

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.