The Progressive Co. (NYSE:PGR) Position Boosted by Concentric Capital Strategies LP

Concentric Capital Strategies LP grew its position in The Progressive Co. (NYSE:PGR - Free Report) by 167.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 55,506 shares of the insurance provider's stock after buying an additional 34,783 shares during the period. Progressive makes up about 0.6% of Concentric Capital Strategies LP's investment portfolio, making the stock its 25th largest holding. Concentric Capital Strategies LP's holdings in Progressive were worth $13,300,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PGR. CWA Asset Management Group LLC increased its holdings in Progressive by 4.4% in the 4th quarter. CWA Asset Management Group LLC now owns 3,764 shares of the insurance provider's stock worth $902,000 after acquiring an additional 157 shares in the last quarter. Bank of New Hampshire grew its position in Progressive by 30.4% in the fourth quarter. Bank of New Hampshire now owns 450 shares of the insurance provider's stock worth $108,000 after acquiring an additional 105 shares in the last quarter. Range Financial Group LLC bought a new position in Progressive during the fourth quarter valued at $308,000. Sterneck Capital Management LLC bought a new position in shares of Progressive during the fourth quarter valued at approximately $246,000. Finally, Fulton Bank N.A. grew its holdings in shares of Progressive by 7.6% in the fourth quarter. Fulton Bank N.A. now owns 5,983 shares of the insurance provider's stock worth $1,434,000 after purchasing an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on PGR. Jefferies Financial Group reduced their price target on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Morgan Stanley upped their price target on shares of Progressive from $310.00 to $320.00 and gave the company an "overweight" rating in a report on Tuesday, April 29th. UBS Group raised their price target on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, March 14th. Barclays lifted their price target on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Finally, BMO Capital Markets increased their target price on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and an average price target of $287.65.

Progressive Trading Up 0.1 %

Shares of Progressive stock traded up $0.41 during trading hours on Friday, hitting $284.33. The company's stock had a trading volume of 1,542,707 shares, compared to its average volume of 2,625,669. The business has a fifty day moving average of $275.16 and a 200 day moving average of $260.28. The Progressive Co. has a 1-year low of $201.34 and a 1-year 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 has a market capitalization of $166.68 billion, a PE ratio of 19.75, a P/E/G ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The company 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, equities analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Insider Buying and Selling at Progressive

In related news, insider Patrick K. Callahan sold 4,669 shares of Progressive stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $279.70, for a total value of $1,305,919.30. Following the completion of the transaction, the insider now directly owns 15,191 shares in the company, valued at approximately $4,248,922.70. This trade represents a 23.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Devin C. Johnson sold 400 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total value of $110,016.00. Following the sale, the director now directly owns 8,370 shares in the company, valued at approximately $2,302,084.80. This represents a 4.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,894 shares of company stock valued at $11,020,097 in the last ninety days. 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.