Prosperity Consulting Group LLC Grows Holdings in The Progressive Co. (NYSE:PGR)

Prosperity Consulting Group LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,782 shares of the insurance provider’s stock after buying an additional 113 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Progressive were worth $906,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Morse Asset Management Inc acquired a new position in Progressive in the 3rd quarter valued at $55,000. Virtu Financial LLC purchased a new stake in shares of Progressive in the third quarter valued at $2,566,000. SkyView Investment Advisors LLC increased its stake in Progressive by 2.2% in the third 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 during the last quarter. Anchor Investment Management LLC lifted its position in Progressive by 55.0% during 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 period. Finally, World Investment Advisors LLC boosted its stake in Progressive by 99.0% in the 3rd 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 last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of research analyst reports. Jefferies Financial Group dropped their price objective on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Roth Mkm lifted their price target on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, UBS Group increased their target price on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $285.76.

Progressive Stock Down 0.0 %

NYSE PGR opened at $265.11 on Monday. The stock has a market cap of $155.42 billion, a PE ratio of 18.41, a P/E/G ratio of 1.70 and a beta of 0.38. The business has a 50 day moving average price of $274.12 and a two-hundred day moving average price of $258.36. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two 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.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is 2.70%.

Insider Activity at Progressive

In other news, Director Jeffrey D. Kelly sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $250.00, for a total value of $2,500,000.00. Following the completion of the sale, the director now directly owns 27,741 shares in the company, valued at approximately $6,935,250. The trade was a 26.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 1,542 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now owns 268,024 shares in the company, valued at approximately $75,759,663.84. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,749 shares of company stock valued at $11,786,613. Insiders own 0.34% of the company’s stock.

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.