Fiduciary Alliance LLC Takes $592,000 Position in The Progressive Co. (NYSE:PGR)

Fiduciary Alliance LLC purchased a new stake in The Progressive Co. (NYSE:PGR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,091 shares of the insurance provider's stock, valued at approximately $592,000.

A number of other institutional investors have also recently modified their holdings of PGR. Hager Investment Management Services LLC acquired a new position in Progressive during the fourth quarter worth $28,000. Minot DeBlois Advisors LLC acquired a new position in Progressive during the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after acquiring an additional 41 shares during the last quarter. Valley National Advisers Inc. raised its holdings in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock worth $29,000 after acquiring an additional 120 shares during the last quarter. Finally, Atala Financial Inc acquired a new position in shares of Progressive in the fourth quarter worth $32,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Down 0.8%

NYSE:PGR traded down $2.37 during trading hours on Thursday, hitting $279.80. The stock had a trading volume of 2,520,686 shares, compared to its average volume of 2,649,193. The company has a market cap of $164.03 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The business has a 50 day simple moving average of $276.36 and a two-hundred day simple moving average of $264.11. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $21.87 billion. Analysts predict that The Progressive Co. will post 14.68 EPS for the current 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 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is 2.70%.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 1,542 shares of the company's stock in a transaction that occurred on 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 directly owns 268,024 shares of the company's stock, valued at approximately $75,759,663.84. This represents a 0.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 owns 655 shares of the company's stock, valued at approximately $180,891.35. The trade was a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $10,367,074 in the last ninety days. Corporate insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PGR. Jefferies Financial Group cut their price target on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Barclays lifted their price objective on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. Roth Mkm lifted their price objective on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Finally, Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective for the company in a research report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Progressive currently has an average rating of "Moderate Buy" and an average price target of $288.59.

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.