The Progressive Co. (NYSE:PGR) Shares Bought by Marcum Wealth LLC

Marcum Wealth LLC raised its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 13.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 53,920 shares of the insurance provider's stock after purchasing an additional 6,430 shares during the period. Progressive makes up about 1.3% of Marcum Wealth LLC's investment portfolio, making the stock its 15th largest holding. Marcum Wealth LLC's holdings in Progressive were worth $15,260,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Hager Investment Management Services LLC purchased a new stake in shares of Progressive in the fourth quarter worth $28,000. Minot DeBlois Advisors LLC bought a new stake in Progressive in the 4th quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC lifted its stake in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Valley National Advisers Inc. boosted its holdings in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Atala Financial Inc purchased a new position in shares of Progressive during the fourth quarter valued at about $32,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Up 2.7%

Shares of NYSE PGR traded up $7.52 during midday trading on Friday, hitting $284.82. The company's stock had a trading volume of 5,075,017 shares, compared to its average volume of 2,656,429. The Progressive Co. has a 12-month low of $201.34 and a 12-month 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. The firm has a market cap of $166.97 billion, a P/E ratio of 19.78, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The business's 50 day moving average is $275.72 and its two-hundred day moving average is $263.53.

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 the consensus estimate of $4.28 by $0.37. The business 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 research analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued 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 payout ratio is 2.70%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PGR shares. Morgan Stanley set a $330.00 price target on Progressive and gave the company an "overweight" rating in a research note on Monday, May 19th. Jefferies Financial Group lowered their target price on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Wells Fargo & Company raised their target price on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target on the stock in a research note on Monday, April 28th. Finally, Roth Mkm lifted their price objective on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $288.59.

Insider Transactions at Progressive

In related news, Director Devin C. Johnson sold 400 shares of the business'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 transaction of $110,016.00. Following the completion of the transaction, the director now owns 8,370 shares in the company, valued at $2,302,084.80. The trade was a 4.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Carl G. Joyce sold 360 shares of the firm's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of 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 disclosure for this sale can be found here. In the last quarter, insiders sold 43,651 shares of company stock valued at $12,017,780. Company insiders own 0.33% of the company's stock.

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.