Wealthspire Advisors LLC Has $1.58 Million Stock Position in The Progressive Co. (NYSE:PGR)

Wealthspire Advisors LLC increased its stake in shares of The Progressive Co. (NYSE:PGR) by 2.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,582 shares of the insurance provider’s stock after acquiring an additional 162 shares during the period. Wealthspire Advisors LLC’s holdings in Progressive were worth $1,577,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Webster Bank N. A. bought a new position in shares of Progressive during the fourth quarter valued at $26,000. Hager Investment Management Services LLC bought a new stake in shares of Progressive in the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% during the 4th 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. lifted its holdings in Progressive by 3,000.0% during the 4th 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 during the last quarter. Finally, Independence Bank of Kentucky lifted its holdings in Progressive by 1,650.0% during the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after purchasing an additional 165 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PGR. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a report on Thursday, December 26th. TD Cowen raised their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Morgan Stanley lifted their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company lifted their price target on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $276.12.

Progressive Price Performance

Shares of PGR stock opened at $272.91 on Tuesday. The firm’s 50 day moving average price is $247.35 and its two-hundred day moving average price is $249.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 52-week low of $186.94 and a 52-week high of $275.52. The stock has a market cap of $159.87 billion, a PE ratio of 18.95, a PEG ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last posted its quarterly earnings results 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 return on equity of 33.79% and a net margin of 11.25%. As a group, analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced 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 was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s payout ratio is currently 2.78%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the company’s stock in a transaction 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 owns 473,736 shares in the company, valued at $115,255,231.44. This represents a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock worth $13,983,575 in the last ninety days. Company insiders own 0.34% of the company’s stock.

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.