Cullen Investment Group LTD. Takes Position in The Progressive Co. (NYSE:PGR)

Cullen Investment Group LTD. bought a new stake in shares of The Progressive Co. (NYSE:PGR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 9,703 shares of the insurance provider's stock, valued at approximately $1,546,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Harbour Investments Inc. boosted its position in shares of Progressive by 109.1% in the 3rd quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider's stock worth $29,000 after purchasing an additional 108 shares in the last quarter. Valley National Advisers Inc. raised its stake in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider's stock worth $30,000 after acquiring an additional 112 shares during the last quarter. Sunbelt Securities Inc. purchased a new position in Progressive in the 1st quarter worth $31,000. Neo Ivy Capital Management purchased a new position in Progressive in the 2nd quarter worth $35,000. Finally, Arlington Trust Co LLC purchased a new position in Progressive in the 3rd quarter worth $36,000. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of several analyst reports. Bank of America decreased their price objective on Progressive from $265.00 to $264.00 and set a "buy" rating for the company in a report on Tuesday, April 2nd. Keefe, Bruyette & Woods increased their price objective on Progressive from $190.00 to $200.00 and gave the company a "market perform" rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. increased their price objective on Progressive from $171.00 to $202.00 and gave the company an "overweight" rating in a research note on Monday, April 8th. Roth Mkm increased their target price on Progressive from $215.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 18th. Finally, TD Cowen began coverage on Progressive in a report on Wednesday, January 10th. They issued a "market perform" rating and a $174.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $208.31.

Progressive Price Performance

Shares of PGR stock traded up $2.69 during midday trading on Monday, reaching $206.59. 3,841,681 shares of the company traded hands, compared to its average volume of 2,586,974. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The firm's 50 day simple moving average is $197.15 and its two-hundred day simple moving average is $173.13. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $212.24. The firm has a market cap of $121.00 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analysts' expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. Progressive's revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.65 EPS. On average, equities research analysts expect that The Progressive Co. will post 10.5 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were paid a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive's payout ratio is currently 4.09%.

Insider Activity

In related news, insider Andrew J. Quigg sold 551 shares of Progressive stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the transaction, the insider now owns 27,921 shares in the company, valued at approximately $4,725,350.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, insider Karen Bailo sold 8,464 shares of the business's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 551 shares of the business's stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now owns 27,921 shares in the company, valued at approximately $4,725,350.04. The disclosure for this sale can be found here. Insiders sold 44,629 shares of company stock valued at $8,348,176 in the last ninety days. 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.