Biltmore Family Office LLC Buys 433 Shares of The Progressive Co. (NYSE:PGR)

Biltmore Family Office LLC grew its stake in shares of The Progressive Co. (NYSE:PGR) by 41.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,485 shares of the insurance provider’s stock after acquiring an additional 433 shares during the period. Biltmore Family Office LLC’s holdings in Progressive were worth $356,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock worth $12,795,262,000 after acquiring an additional 583,376 shares during the period. State Street Corp increased its holdings in shares of Progressive by 1.3% during the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after purchasing an additional 315,411 shares during the period. Geode Capital Management LLC increased its holdings in shares of Progressive by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock worth $3,498,363,000 after purchasing an additional 189,638 shares during the period. Norges Bank acquired a new stake in Progressive during the fourth quarter worth approximately $1,843,045,000. Finally, GQG Partners LLC increased its stake in Progressive by 67.6% during the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock worth $1,239,143,000 after acquiring an additional 2,085,833 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 1.0 %

Shares of NYSE:PGR opened at $281.38 on Thursday. The business’s 50-day moving average is $267.83 and its 200-day moving average is $256.52. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The company has a market capitalization of $164.96 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Insider Activity

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the business’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 transaction of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, valued at $115,255,231.44. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,255 shares of company stock worth $17,250,271 over the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Roth Mkm raised their price target on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Bank of America decreased their price objective on shares of Progressive from $318.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Saturday, March 22nd. Morgan Stanley lifted their price target on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, BMO Capital Markets decreased their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average target price of $281.06.

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.