Global Financial Private Capital LLC bought a new position in Progressive Corp (NYSE:PGR) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 10,942 shares of the insurance provider’s stock, valued at approximately $616,000.
Other hedge funds also recently modified their holdings of the company. Advisory Services Network LLC boosted its stake in shares of Progressive by 10.0% during the 2nd quarter. Advisory Services Network LLC now owns 6,579 shares of the insurance provider’s stock worth $290,000 after acquiring an additional 599 shares during the last quarter. Private Trust Co. NA boosted its stake in shares of Progressive by 15.9% during the 4th quarter. Private Trust Co. NA now owns 7,367 shares of the insurance provider’s stock worth $414,000 after acquiring an additional 1,010 shares during the last quarter. Xact Kapitalforvaltning AB boosted its stake in shares of Progressive by 1.2% during the 3rd quarter. Xact Kapitalforvaltning AB now owns 87,206 shares of the insurance provider’s stock worth $4,223,000 after acquiring an additional 1,043 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Progressive by 2.0% during the 3rd quarter. CIBC Asset Management Inc now owns 55,014 shares of the insurance provider’s stock worth $2,664,000 after acquiring an additional 1,058 shares during the last quarter. Finally, First Personal Financial Services boosted its stake in shares of Progressive by 101.8% during the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock worth $124,000 after acquiring an additional 1,111 shares during the last quarter. Institutional investors own 79.72% of the company’s stock.
Progressive Corp (PGR) opened at $57.35 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.37. Progressive Corp has a one year low of $38.36 and a one year high of $58.25. The firm has a market cap of $33,394.91, a price-to-earnings ratio of 23.31, a P/E/G ratio of 2.22 and a beta of 0.82.
Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the previous year, the company earned $0.66 EPS. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. research analysts expect that Progressive Corp will post 3.52 earnings per share for the current year.
The company also recently announced an annual dividend, which was paid on Friday, February 9th. Investors of record on Friday, February 2nd were paid a dividend of $1.125 per share. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date was Thursday, February 1st. Progressive’s dividend payout ratio (DPR) is 41.18%.
Several research analysts have recently weighed in on PGR shares. MKM Partners lifted their price target on shares of Progressive to $65.00 and gave the stock a “buy” rating in a research note on Friday, December 15th. Wells Fargo & Co set a $55.00 price target on shares of Progressive and gave the stock a “hold” rating in a research note on Wednesday, December 13th. Credit Suisse Group reiterated a “hold” rating and set a $48.00 price target on shares of Progressive in a research note on Friday, December 15th. Goldman Sachs Group started coverage on shares of Progressive in a research note on Monday, December 4th. They set a “buy” rating and a $57.00 price target on the stock. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $58.00 price target on shares of Progressive in a research note on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $50.65.
In related news, insider William M. Cody sold 25,000 shares of Progressive stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the transaction, the insider now owns 137,722 shares in the company, valued at approximately $7,726,204.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.56% of the stock is currently owned by insiders.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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