The Progressive Co. (NYSE:PGR) Shares Bought by Tortoise Investment Management LLC

Tortoise Investment Management LLC grew its stake in The Progressive Co. (NYSE:PGRFree Report) by 0.5% during the fourth quarter, HoldingsChannel reports. The firm owned 35,237 shares of the insurance provider’s stock after purchasing an additional 190 shares during the quarter. Tortoise Investment Management LLC’s holdings in Progressive were worth $5,613,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Navellier & Associates Inc. acquired a new stake in Progressive in the fourth quarter valued at about $576,000. Panagora Asset Management Inc. lifted its holdings in shares of Progressive by 1.8% in the 4th quarter. Panagora Asset Management Inc. now owns 17,789 shares of the insurance provider’s stock valued at $2,833,000 after buying an additional 323 shares during the period. Fiera Capital Corp purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $709,000. OMNI 360 Wealth Inc. acquired a new position in Progressive during the fourth quarter worth $524,000. Finally, Covey Capital Advisors LLC raised its position in Progressive by 4.9% in the fourth quarter. Covey Capital Advisors LLC now owns 21,793 shares of the insurance provider’s stock worth $3,471,000 after acquiring an additional 1,016 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Bank of America upped their target price on shares of Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group lifted 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. Citigroup upped their price target on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Finally, HSBC lifted their price objective on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $214.88.

Read Our Latest Stock Report on PGR

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold a total of 46,500 shares of company stock valued at $8,983,706 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Up 1.1 %

Shares of PGR stock traded up $2.21 on Friday, reaching $209.22. 2,005,043 shares of the stock were exchanged, compared to its average volume of 2,553,989. 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 stock has a market cap of $122.54 billion, a P/E ratio of 21.41, a price-to-earnings-growth ratio of 0.80 and a beta of 0.34. The firm has a 50 day moving average of $208.37 and a two-hundred day moving average of $183.57. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $217.77.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 earnings per share. On average, research analysts anticipate that The Progressive Co. will post 11.46 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

Progressive Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRFree Report).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.