The Progressive Co. (NYSE:PGR) Shares Purchased by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC raised its position in The Progressive Co. (NYSE:PGR) by 282.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 6,889 shares of the insurance provider’s stock after acquiring an additional 5,089 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Progressive were worth $1,097,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PGR. Valley National Advisers Inc. increased its position in shares of Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new position in Progressive in the 4th quarter valued at $39,000. Criterion Capital Advisors LLC acquired a new stake in Progressive during the 4th quarter worth $47,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at about $48,000. Finally, Webster Bank N. A. acquired a new stake in shares of Progressive in the fourth quarter valued at about $53,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PGR. Keefe, Bruyette & Woods upped their price target on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Citigroup raised their target price on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. The Goldman Sachs Group boosted their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. BMO Capital Markets lifted their target price on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, TD Cowen started coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $211.88.

Progressive Price Performance

Shares of PGR traded down $0.31 on Friday, reaching $208.72. The stock had a trading volume of 2,150,779 shares, compared to its average volume of 2,992,636. The firm has a 50-day moving average of $204.30 and a 200 day moving average of $179.90. The firm has a market capitalization of $122.25 billion, a PE ratio of 21.36, a PEG ratio of 0.82 and a beta of 0.34. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $216.21. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the prior year, the company earned $0.65 earnings per share. Progressive’s revenue was up 17.7% compared to the same quarter last year. Sell-side analysts expect that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were 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 approximately $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 over the last quarter. Corporate 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.