XTX Topco Ltd Takes $1.24 Million Position in The Progressive Co. (NYSE:PGR)

XTX Topco Ltd bought a new position in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 5,185 shares of the insurance provider’s stock, valued at approximately $1,242,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Morse Asset Management Inc purchased a new stake in shares of Progressive during the third quarter worth about $55,000. Virtu Financial LLC purchased a new stake in Progressive during the 3rd quarter worth approximately $2,566,000. SkyView Investment Advisors LLC increased its stake in Progressive by 2.2% during the 3rd quarter. SkyView Investment Advisors LLC now owns 8,054 shares of the insurance provider’s stock valued at $2,044,000 after purchasing an additional 171 shares in the last quarter. Anchor Investment Management LLC raised its holdings in shares of Progressive by 55.0% in the third quarter. Anchor Investment Management LLC now owns 1,583 shares of the insurance provider’s stock worth $402,000 after buying an additional 562 shares during the last quarter. Finally, World Investment Advisors LLC lifted its stake in shares of Progressive by 99.0% during the third quarter. World Investment Advisors LLC now owns 3,307 shares of the insurance provider’s stock worth $839,000 after buying an additional 1,645 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Up 1.2 %

Shares of NYSE PGR opened at $278.85 on Tuesday. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company’s 50-day simple moving average is $272.44 and its 200-day simple moving average is $257.43. The firm has a market cap of $163.47 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is 2.78%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Jefferies Financial Group decreased their target price on Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a report on Friday. Morgan Stanley upped their target price on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $300.00 to $288.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Finally, BMO Capital Markets dropped their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.71.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the completion of the sale, the chief financial officer now directly owns 258,024 shares in the company, valued at $71,199,142.56. This represents a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 962 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the transaction, the insider now directly owns 34,787 shares in the company, valued at $8,463,329.23. This trade represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,317 shares of company stock worth $14,844,282. 0.34% of the stock is owned by insiders.

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.