Rinkey Investments raised its stake in The Progressive Co. (NYSE:PGR - Free Report) by 34.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,537 shares of the insurance provider's stock after purchasing an additional 2,207 shares during the quarter. Progressive accounts for 0.7% of Rinkey Investments' investment portfolio, making the stock its 28th biggest holding. Rinkey Investments' holdings in Progressive were worth $2,046,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Prosperity Consulting Group LLC raised its stake in Progressive by 3.1% in the 4th quarter. Prosperity Consulting Group LLC now owns 3,782 shares of the insurance provider's stock valued at $906,000 after purchasing an additional 113 shares during the last quarter. Aquatic Capital Management LLC increased its position in Progressive by 19.4% during the 4th quarter. Aquatic Capital Management LLC now owns 41,282 shares of the insurance provider's stock worth $9,892,000 after purchasing an additional 6,701 shares in the last quarter. Oxford Asset Management LLP boosted its holdings in Progressive by 215.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,415 shares of the insurance provider's stock worth $1,777,000 after acquiring an additional 5,062 shares during the period. Johnson Financial Group Inc. boosted its holdings in Progressive by 3.1% in the 4th quarter. Johnson Financial Group Inc. now owns 29,369 shares of the insurance provider's stock worth $7,238,000 after acquiring an additional 890 shares during the period. Finally, Boothbay Fund Management LLC boosted its holdings in Progressive by 66.2% in the 4th quarter. Boothbay Fund Management LLC now owns 3,024 shares of the insurance provider's stock worth $725,000 after acquiring an additional 1,205 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several brokerages recently issued reports on PGR. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Wells Fargo & Company upped their price target on shares of Progressive from $320.00 to $324.00 and gave the stock an "overweight" rating in a research note on Thursday, April 17th. UBS Group upped their price target on shares of Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday, March 14th. Barclays increased their target price on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Finally, Jefferies Financial Group reduced their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $287.41.
Check Out Our Latest Stock Report on Progressive
Progressive Price Performance
PGR stock traded down $3.18 during trading on Thursday, reaching $278.56. 1,216,592 shares of the company were exchanged, compared to its average volume of 3,089,596. The Progressive Co. has a twelve month low of $201.34 and a twelve month 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. The company has a market capitalization of $163.30 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a 50-day moving average of $274.61 and a two-hundred day moving average of $258.75.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. As a group, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive's payout ratio is presently 2.70%.
Insider Activity at Progressive
In other Progressive news, CFO John P. Sauerland sold 1,542 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the transaction, the chief financial officer now owns 268,024 shares in the company, valued at approximately $75,759,663.84. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 4,669 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following 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. Insiders have sold 39,894 shares of company stock worth $11,020,097 in the last quarter. Company insiders own 0.34% of the company's stock.
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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