Cary Street Partners Financial LLC Invests $236,000 in The Progressive Co. (NYSE:PGR)

Cary Street Partners Financial LLC bought a new stake in The Progressive Co. (NYSE:PGR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 984 shares of the insurance provider's stock, valued at approximately $236,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Kesler Norman & Wride LLC increased its holdings in Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after buying an additional 40 shares during the last quarter. Atlantic Edge Private Wealth Management LLC increased its holdings in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after buying an additional 41 shares during the last quarter. Washington Trust Bank increased its holdings in Progressive by 4.1% in the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock valued at $255,000 after buying an additional 42 shares during the last quarter. SYM FINANCIAL Corp raised its holdings in shares of Progressive by 2.8% during the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock worth $384,000 after purchasing an additional 44 shares during the period. Finally, Monument Capital Management lifted its position in shares of Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock worth $3,298,000 after buying an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the sale, the chief accounting officer now directly owns 655 shares of the company's stock, valued at $180,891.35. The trade was a 35.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the sale, the chief financial officer now directly owns 248,024 shares in the company, valued at approximately $66,616,766.16. This trade represents a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,894 shares of company stock worth $11,020,097. Insiders own 0.34% of the company's stock.

Progressive Stock Performance

PGR stock traded down $4.26 on Wednesday, reaching $278.33. The company's stock had a trading volume of 2,421,739 shares, compared to its average volume of 2,639,016. The company has a market capitalization of $163.16 billion, a P/E ratio of 19.33, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The firm has a fifty day moving average of $275.17 and a two-hundred day moving average of $260.88.

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

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Morgan Stanley lifted their target price on Progressive from $310.00 to $320.00 and gave the company an "overweight" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. lifted their target price on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research note on Monday, April 28th. Finally, 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 research note on Friday, April 11th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $287.65.

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.