Parallel Advisors LLC Has $2.49 Million Stock Position in The Progressive Co. (NYSE:PGR)

Parallel Advisors LLC grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 3.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,378 shares of the insurance provider’s stock after purchasing an additional 338 shares during the quarter. Parallel Advisors LLC’s holdings in Progressive were worth $2,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Inc. acquired a new position in shares of Progressive during the 4th quarter valued at about $408,416,000. Geode Capital Management LLC grew its holdings in Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the last quarter. Jennison Associates LLC raised its position in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Progressive by 75.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after buying an additional 641,943 shares during the period. Finally, Proficio Capital Partners LLC grew its stake in Progressive by 36,819.8% in the 4th quarter. Proficio Capital Partners LLC now owns 568,195 shares of the insurance provider’s stock valued at $136,145,000 after buying an additional 566,656 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the sale, the chief financial officer now directly owns 282,958 shares in the company, valued at approximately $67,530,756.28. This represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,495 shares of company stock valued at $16,668,034 in the last three months. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of NYSE:PGR opened at $282.64 on Wednesday. The stock has a market capitalization of $165.68 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The business’s fifty day moving average price is $259.99 and its two-hundred day moving average price is $254.57. 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 debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

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

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid 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 is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PGR. Bank of America decreased their price target on shares of Progressive from $333.00 to $318.00 and set a “buy” rating for the company in a report on Monday, March 10th. Barclays increased their target price on Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a research note on Thursday, March 13th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research report on Tuesday, December 10th. Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Progressive has an average rating of “Moderate Buy” and an average target price of $281.76.

Progressive Company 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.