The Progressive Co. (NYSE:PGR) Stake Raised by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 0.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 129,010 shares of the insurance provider’s stock after buying an additional 72 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Progressive were worth $32,738,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after acquiring an additional 1,682,213 shares in the last quarter. Jennison Associates LLC lifted its position in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in 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 valued at $379,139,000 after purchasing an additional 641,943 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Progressive by 29,701.6% during 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 purchasing an additional 594,330 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after buying an additional 590,235 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 3.3 %

Progressive stock opened at $235.57 on Friday. The firm’s 50 day moving average price is $251.34 and its two-hundred day moving average price is $241.37. The firm has a market cap of $138.00 billion, a PE ratio of 17.12, a P/E/G ratio of 0.70 and a beta of 0.41. The Progressive Co. has a twelve month low of $164.98 and a twelve month high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, research analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s dividend payout ratio is currently 2.91%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. BMO Capital Markets lowered their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Morgan Stanley reissued an “overweight” rating and set a $310.00 target price on shares of Progressive in a research note on Friday, December 13th. Evercore ISI lifted their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, Barclays cut their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $275.24.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was 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 of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,919 shares of company stock valued at $8,222,168. 0.34% of the stock is currently owned by corporate 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.