Fideuram Asset Management Ireland dac Invests $1.46 Million in The Progressive Corporation $PGR

Fideuram Asset Management Ireland dac bought a new position in shares of The Progressive Corporation (NYSE:PGR) during the 4th quarter, HoldingsChannel reports. The fund bought 6,426 shares of the insurance provider’s stock, valued at approximately $1,463,000.

Other large investors also recently modified their holdings of the company. Dagco Inc. acquired a new stake in shares of Progressive during the 4th quarter worth $28,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new stake in Progressive in the fourth quarter valued at about $33,000. Kingdom Financial Group LLC. acquired a new stake in Progressive in the fourth quarter valued at about $34,000. Finally, Bangor Savings Bank boosted its stake in Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after buying an additional 58 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares in the company, valued at $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 3,928 shares of company stock valued at $831,251 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $190.27 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $111.18 billion, a PE ratio of 9.67, a P/E/G ratio of 5.64 and a beta of 0.31. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $289.96. The stock has a 50-day moving average price of $199.66 and a two-hundred day moving average price of $209.74.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $4.37 earnings per share. Analysts expect that The Progressive Corporation will post 16.36 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Analysts Set New Price Targets

Several analysts recently weighed in on PGR shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. Roth Mkm set a $235.00 price objective on Progressive in a research note on Thursday, February 19th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Finally, Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $238.11.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.