Quantinno Capital Management LP Acquires 13,144 Shares of The Progressive Co. (NYSE:PGR)

Quantinno Capital Management LP raised its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 35.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,645 shares of the insurance provider's stock after acquiring an additional 13,144 shares during the period. Quantinno Capital Management LP's holdings in Progressive were worth $12,135,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Kesler Norman & Wride LLC boosted its stake in shares of Progressive by 1.1% during the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after purchasing an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Progressive by 54.7% during 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 during the period. Washington Trust Bank boosted its stake in shares of Progressive by 4.1% during 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 during the period. SYM FINANCIAL Corp boosted its stake in shares of Progressive by 2.8% during 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 during the period. Finally, Monument Capital Management boosted its stake in shares of Progressive by 0.3% during 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 during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Carl G. Joyce sold 360 shares of the firm's stock in a transaction on Friday, March 21st. The stock was 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. This trade represents a 35.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $279.94, for a total value of $2,799,400.00. Following the completion of the sale, the chief financial officer now owns 269,566 shares of the company's stock, valued at $75,462,306.04. The trade was a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,894 shares of company stock worth $11,020,097 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective for the company in a research note on Monday, April 28th. Wells Fargo & Company raised their price target on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Roth Mkm raised their price target on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Finally, BMO Capital Markets raised their price target on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Seven 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, Progressive presently has a consensus rating of "Moderate Buy" and an average price target of $287.65.

Progressive Stock Up 1.7%

Progressive stock traded up $4.78 on Friday, hitting $285.93. 2,779,536 shares of the stock traded hands, compared to its average volume of 2,644,082. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a market cap of $167.62 billion, a P/E ratio of 19.86, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The business's fifty day simple moving average is $275.35 and its 200 day simple moving average is $261.68. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99.

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%. As a group, sell-side analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were issued 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 presently 2.70%.

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.