Global Frontier Investments LLC Acquires Shares of 182,000 The Progressive Co. (NYSE:PGR)

Global Frontier Investments LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 182,000 shares of the insurance provider's stock, valued at approximately $43,609,000. Progressive makes up 11.2% of Global Frontier Investments LLC's investment portfolio, making the stock its 3rd biggest position.

Other institutional investors also recently added to or reduced their stakes in the company. Kesler Norman & Wride LLC boosted its position in shares of Progressive by 1.1% during the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after purchasing an additional 40 shares in the last quarter. Atlantic Edge Private Wealth Management LLC boosted its position in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares in the last quarter. Washington Trust Bank boosted its position in shares of Progressive by 4.1% during the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock valued at $255,000 after purchasing an additional 42 shares in the last quarter. SYM FINANCIAL Corp boosted its position in shares of Progressive by 2.8% during the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock valued at $384,000 after purchasing an additional 44 shares in the last quarter. Finally, Monument Capital Management boosted its position in shares of Progressive by 0.3% during the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock valued at $3,298,000 after purchasing an additional 44 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Wells Fargo & Company boosted their target price on Progressive from $320.00 to $324.00 and gave the stock an "overweight" rating in a report on Thursday, April 17th. StockNews.com downgraded Progressive from a "buy" rating to a "hold" rating in a report on Friday, April 4th. Jefferies Financial Group dropped their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Bank of America boosted their target price on Progressive from $289.00 to $297.00 and gave the stock a "neutral" rating in a report on Thursday, April 17th. Finally, Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and a consensus price target of $285.76.

Progressive Stock Down 0.0 %

Progressive stock opened at $265.11 on Monday. The stock has a market cap of $155.42 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The stock has a fifty day moving average of $274.12 and a 200 day moving average of $258.36.

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, beating analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analysts' expectations 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 business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's payout ratio is 2.70%.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 1,542 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the transaction, the chief financial officer now owns 268,024 shares of the company's stock, valued at $75,759,663.84. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the company's stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 655 shares of the company's stock, valued at approximately $180,891.35. This trade represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,749 shares of company stock worth $11,786,613 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

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.

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