Tremblant Capital Group Has $3 Million Holdings in The Progressive Co. (NYSE:PGR)

Tremblant Capital Group grew its position in The Progressive Co. (NYSE:PGR - Free Report) by 20.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,501 shares of the insurance provider's stock after purchasing an additional 2,161 shares during the period. Tremblant Capital Group's holdings in Progressive were worth $2,995,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AEGON ASSET MANAGEMENT UK Plc increased its stake in shares of Progressive by 40.4% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 238,250 shares of the insurance provider's stock valued at $57,132,000 after acquiring an additional 68,589 shares during the period. Synergy Asset Management LLC grew its position in Progressive by 100.3% in the fourth quarter. Synergy Asset Management LLC now owns 3,541 shares of the insurance provider's stock worth $875,000 after buying an additional 1,773 shares during the last quarter. Archer Investment Corp grew its position in Progressive by 295.1% in the fourth quarter. Archer Investment Corp now owns 2,102 shares of the insurance provider's stock worth $504,000 after buying an additional 1,570 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Progressive by 16.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 223,734 shares of the insurance provider's stock worth $53,609,000 after purchasing an additional 31,390 shares during the period. Finally, Park Place Capital Corp boosted its stake in Progressive by 23.5% in the 4th quarter. Park Place Capital Corp now owns 5,813 shares of the insurance provider's stock worth $1,393,000 after purchasing an additional 1,107 shares during the period. Institutional investors own 85.34% of the company's stock.

Progressive Stock Down 1.5%

NYSE PGR traded down $4.10 during trading on Thursday, hitting $276.90. 2,505,671 shares of the company traded hands, compared to its average volume of 2,644,619. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The business has a fifty day simple moving average of $275.62 and a 200 day simple moving average of $262.42. 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 company has a market capitalization of $162.33 billion, a P/E ratio of 19.23, a PEG ratio of 1.70 and a beta of 0.40.

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

Progressive Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have recently commented on PGR. 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 report on Friday, April 11th. Morgan Stanley raised their target price on Progressive from $320.00 to $330.00 and gave the stock an "overweight" rating in a research report on Monday. UBS Group lifted their price objective on 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 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. 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $288.24.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the transaction, the chief financial officer now directly owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick K. Callahan sold 4,669 shares of Progressive stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the sale, the insider now directly owns 15,191 shares in the company, valued at $4,248,922.70. The trade was a 23.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,894 shares of company stock worth $11,020,097. Company insiders own 0.34% of the company's stock.

About Progressive

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.