Koshinski Asset Management Inc. Takes Position in The Progressive Corporation (NYSE:PGR)

Koshinski Asset Management Inc. purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,570 shares of the insurance provider's stock, valued at approximately $727,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after purchasing an additional 583,376 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Progressive by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after acquiring an additional 189,638 shares in the last quarter. Norges Bank purchased a new position in shares of Progressive in the 4th quarter valued at approximately $1,843,045,000. Northern Trust Corp boosted its stake in Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of PGR stock traded up $2.50 during mid-day trading on Thursday, hitting $260.30. 2,685,585 shares of the stock were exchanged, compared to its average volume of 2,769,842. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52-week low of $207.50 and a 52-week high of $292.99. The firm has a fifty day moving average of $274.48 and a 200 day moving average of $265.11. The company has a market cap of $152.59 billion, a PE ratio of 17.55, a price-to-earnings-growth ratio of 1.62 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be issued a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's payout ratio is presently 2.70%.

Insider Activity at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director owned 12,429 shares in the company, valued at $3,451,160.43. This trade represents a 16.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the sale, the insider owned 41,289 shares in the company, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock valued at $11,450,948 in the last three months. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the subject of several research reports. Jefferies Financial Group lowered their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Wells Fargo & Company lifted their price target on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Barclays raised their price objective on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. Finally, UBS Group upped their target price on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of "Moderate Buy" and an average target price of $288.88.

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.