Nebula Research & Development LLC Makes New $3.78 Million Investment in The Progressive Co. (NYSE:PGR)

Nebula Research & Development LLC purchased a new position in shares of The Progressive Co. (NYSE:PGR - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 15,771 shares of the insurance provider's stock, valued at approximately $3,779,000. Progressive accounts for approximately 0.4% of Nebula Research & Development LLC's portfolio, making the stock its 15th biggest holding.

A number of other hedge funds have also bought and sold shares of the business. Kesler Norman & Wride LLC raised its stake in shares of Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after buying an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC grew its position in shares of Progressive by 54.7% in 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 grew its position in shares of Progressive by 4.1% in 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 grew its position in shares of Progressive by 2.8% in 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 grew its position in shares of Progressive by 0.3% in 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 currently owned by institutional investors.

Progressive Trading Up 1.1 %

NYSE:PGR traded up $3.17 during trading hours on Wednesday, hitting $279.48. The company had a trading volume of 1,058,487 shares, compared to its average volume of 3,086,993. The company has a market capitalization of $163.84 billion, a PE ratio of 19.41, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The stock has a 50-day moving average price of $274.29 and a 200 day moving average price of $258.59. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion during 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%. On average, equities research analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PGR shares. StockNews.com cut Progressive from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Morgan Stanley boosted their target price on Progressive from $310.00 to $320.00 and gave the stock an "overweight" rating in a research report on Tuesday. Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group cut their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $287.41.

Insider Buying and Selling at Progressive

In other news, insider Lori A. Niederst sold 3,855 shares of Progressive stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $247.06, for a total value of $952,416.30. Following the completion of the transaction, the insider now owns 39,040 shares of the company's stock, valued at $9,645,222.40. The trade was a 8.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Carl G. Joyce sold 360 shares of Progressive 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 represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,749 shares of company stock valued at $11,972,513. 0.34% of the stock is currently owned by company insiders.

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.