Atlas Brown Inc. purchased a new stake in The Progressive Co. (NYSE:PGR – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,187 shares of the insurance provider’s stock, valued at approximately $245,000.
A number of other large investors have also added to or reduced their stakes in PGR. Sachetta LLC bought a new stake in Progressive in the 4th quarter valued at $25,000. Northwest Bank & Trust Co bought a new stake in Progressive in the 4th quarter valued at $25,000. Valley National Advisers Inc. raised its stake in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares during the period. Pinnacle Bancorp Inc. bought a new position in Progressive during the 4th quarter worth $39,000. Finally, Criterion Capital Advisors LLC bought a new position in Progressive during the 4th quarter worth $47,000. Institutional investors own 85.34% of the company’s stock.
Progressive Stock Performance
NYSE:PGR opened at $210.75 on Thursday. The stock’s 50-day simple moving average is $209.26 and its 200 day simple moving average is $191.32. The firm has a market capitalization of $123.44 billion, a PE ratio of 21.57, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $217.77.
Progressive Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.
Wall Street Analyst Weigh In
PGR has been the topic of several recent research reports. Jefferies Financial Group increased their price objective on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Wells Fargo & Company increased their price objective on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research report on Monday. HSBC increased their price objective on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods increased their price objective on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. increased their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus price target of $216.81.
Read Our Latest Analysis on Progressive
Insider Activity
In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,468 shares of company stock valued at $4,415,753. 0.34% of the stock is currently owned by corporate insiders.
Progressive Company Profile
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.
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