The Progressive Co. (NYSE:PGR) Shares Purchased by Gotham Asset Management LLC

Gotham Asset Management LLC raised its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 124.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,759 shares of the insurance provider's stock after acquiring an additional 25,919 shares during the period. Gotham Asset Management LLC's holdings in Progressive were worth $11,204,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PGR. Norges Bank acquired a new stake in Progressive during the 4th quarter valued at approximately $1,843,045,000. GQG Partners LLC lifted its stake in shares of Progressive by 67.6% in the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock valued at $1,239,143,000 after purchasing an additional 2,085,833 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Progressive in the 4th quarter valued at $408,416,000. Capital Research Global Investors lifted its stake in shares of Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after purchasing an additional 1,547,677 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock valued at $1,480,677,000 after purchasing an additional 710,684 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of Progressive stock traded down $4.26 during trading hours on Wednesday, reaching $278.33. 2,421,739 shares of the company's stock were exchanged, compared to its average volume of 2,639,016. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The company has a market capitalization of $163.16 billion, a P/E ratio of 19.33, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The business has a fifty day moving average of $275.17 and a two-hundred day moving average of $260.88. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last released its 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. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. As a group, research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive's payout ratio is 2.70%.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $279.94, for a total transaction of $2,799,400.00. Following the transaction, the chief financial officer now owns 269,566 shares of the company's stock, valued at approximately $75,462,306.04. The trade was a 3.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Carl G. Joyce sold 360 shares of the company's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares in the company, 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 have sold 39,894 shares of company stock valued at $11,020,097. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PGR shares. Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research note on Monday, April 28th. Morgan Stanley boosted their target price on shares of Progressive from $310.00 to $320.00 and gave the company an "overweight" rating in a research note on Tuesday, April 29th. StockNews.com raised shares of Progressive from a "hold" rating to a "buy" rating in a report on Tuesday. Roth Mkm boosted their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $287.65.

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.