Integrated Wealth Concepts LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 18.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,105 shares of the insurance provider's stock after acquiring an additional 4,314 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Progressive were worth $6,495,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Versant Capital Management Inc raised its position in Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock valued at $189,000 after purchasing an additional 391 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Progressive by 2,262.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock valued at $103,990,000 after buying an additional 415,628 shares during the last quarter. Signal Advisors Wealth LLC lifted its position in Progressive by 42.3% during the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock worth $2,849,000 after buying an additional 3,534 shares in the last quarter. Nordea Investment Management AB increased its position in Progressive by 30.5% in the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider's stock valued at $255,882,000 after acquiring an additional 249,958 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new position in shares of Progressive in the third quarter worth about $35,253,000. 85.34% of the stock is owned by institutional investors.
Insider Activity at Progressive
In other Progressive news, insider Lori A. Niederst sold 3,855 shares of the business's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the transaction, the insider now directly owns 39,040 shares in the company, valued at $9,645,222.40. The trade was a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of the company's 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 completion of the transaction, the insider now owns 15,191 shares in the company, valued at approximately $4,248,922.70. The trade was a 23.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,749 shares of company stock valued at $11,972,513. 0.34% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of research firms have issued reports on PGR. Wells Fargo & Company upped their target price on shares of Progressive from $320.00 to $324.00 and gave the company an "overweight" rating in a research report on Thursday, April 17th. Roth Mkm increased their target price on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Morgan Stanley increased their price target on shares of Progressive from $310.00 to $320.00 and gave the company an "overweight" rating in a research report on Tuesday. Keefe, Bruyette & Woods restated a "market perform" rating and set a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Finally, Barclays increased their target price on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $287.41.
Read Our Latest Research Report on PGR
Progressive Price Performance
Shares of NYSE PGR traded up $2.04 during midday trading on Wednesday, reaching $278.35. 1,520,640 shares of the company were exchanged, compared to its average volume of 2,629,568. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The stock has a market cap of $163.18 billion, a P/E ratio of 19.33, a PEG ratio of 1.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The stock's 50-day moving average price is $274.29 and its 200-day moving average price is $258.59.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, sell-side analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio is currently 2.70%.
Progressive Profile
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Free Report)
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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