Qsemble Capital Management LP Takes $1.07 Million Position in The Progressive Co. (NYSE:PGR)

Qsemble Capital Management LP bought a new position in shares of The Progressive Co. (NYSE:PGR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,700 shares of the insurance provider's stock, valued at approximately $1,067,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. TIAA Trust National Association purchased a new position in shares of Progressive in the third quarter worth approximately $847,000. First Horizon Advisors Inc. grew its stake in Progressive by 5.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,888 shares of the insurance provider's stock valued at $263,000 after acquiring an additional 102 shares in the last quarter. Assetmark Inc. lifted its position in shares of Progressive by 10.7% in the third quarter. Assetmark Inc. now owns 22,543 shares of the insurance provider's stock worth $3,140,000 after purchasing an additional 2,187 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Progressive by 5.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 56,545 shares of the insurance provider's stock worth $7,877,000 after purchasing an additional 2,892 shares during the period. Finally, CBOE Vest Financial LLC purchased a new stake in Progressive in the 3rd quarter worth approximately $749,000. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $171.00 to $202.00 and gave the company an "overweight" rating in a research report on Monday, April 8th. BMO Capital Markets increased their target price on shares of Progressive from $185.00 to $200.00 and gave the stock an "outperform" rating in a research report on Thursday, January 25th. Morgan Stanley boosted their price target on Progressive from $228.00 to $247.00 and gave the stock an "overweight" rating in a research report on Thursday, April 11th. Roth Mkm increased their price objective on Progressive from $215.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 18th. Finally, Keefe, Bruyette & Woods raised 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $211.88.

Insider Buying and Selling

In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares of the company's stock, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Devin C. Johnson sold 1,000 shares of the business's stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now owns 7,176 shares of the company's stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders sold 39,139 shares of company stock worth $7,458,139 in the last 90 days. 0.34% of the stock is owned by company insiders.

Progressive Stock Performance

Shares of NYSE:PGR traded up $2.04 on Friday, hitting $215.76. 2,128,384 shares of the company were exchanged, compared to its average volume of 2,818,094. The company's 50 day moving average price is $206.73 and its two-hundred day moving average price is $181.64. The firm has a market capitalization of $126.37 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 0.84 and a beta of 0.34. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion for the quarter, compared to analysts' expectations of $16.88 billion. During the same period in the previous year, the business posted $0.65 earnings per share. Progressive's quarterly revenue was up 17.7% on a year-over-year basis. Research analysts expect that The Progressive Co. will post 11.29 earnings per share for the current year.

Progressive Dividend Announcement

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

Progressive 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.

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