Centric Wealth Management Takes Position in The Progressive Co. (NYSE:PGR)

Centric Wealth Management purchased a new position in The Progressive Co. (NYSE:PGR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,376 shares of the insurance provider’s stock, valued at approximately $219,000.

Other hedge funds have also recently made changes to their positions in the company. Compass Ion Advisors LLC boosted its position in Progressive by 0.8% during the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares in the last quarter. Quent Capital LLC grew its position in shares of Progressive by 19.3% in the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after buying an additional 69 shares during the last quarter. BSW Wealth Partners raised its stake in shares of Progressive by 4.2% during the 4th quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after acquiring an additional 69 shares in the last quarter. Finally, Perigon Wealth Management LLC boosted its stake in Progressive by 2.2% in the fourth quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock valued at $515,000 after acquiring an additional 70 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock worth $7,458,139 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PGR shares. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Jefferies Financial Group raised their target price on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Roth Mkm lifted their price target on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. UBS Group increased their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Finally, Citigroup lifted their target price on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $211.88.

Progressive Stock Performance

PGR traded up $0.02 on Tuesday, reaching $215.53. The stock had a trading volume of 2,706,155 shares, compared to its average volume of 2,609,659. The business’s 50-day moving average price is $205.21 and its two-hundred day moving average price is $180.74. The company has a market cap of $126.24 billion, a P/E ratio of 22.06, a price-to-earnings-growth ratio of 0.82 and a beta of 0.34. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.33. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly 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. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 EPS. Sell-side analysts forecast that The Progressive Co. will post 11.34 earnings per share for the current year.

Progressive Announces Dividend

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

Progressive 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.