The Progressive Co. (NYSE:PGR) Position Boosted by Jump Financial LLC

Jump Financial LLC raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 16.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 86,076 shares of the insurance provider’s stock after purchasing an additional 12,351 shares during the quarter. Jump Financial LLC’s holdings in Progressive were worth $20,625,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Kane Investment Management Inc. acquired a new position in shares of Progressive in the fourth quarter worth about $869,000. Chiron Investment Management LLC lifted its holdings in shares of Progressive by 16.8% in the fourth quarter. Chiron Investment Management LLC now owns 23,579 shares of the insurance provider’s stock valued at $5,650,000 after purchasing an additional 3,385 shares in the last quarter. Canada Post Corp Registered Pension Plan acquired a new position in Progressive during the fourth quarter valued at $2,541,000. LaSalle St. Investment Advisors LLC acquired a new stake in Progressive during the 4th quarter worth about $414,000. Finally, XTX Topco Ltd acquired a new stake in shares of Progressive during the fourth quarter worth approximately $1,242,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 585 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $142,324.65. Following the completion of the transaction, the chief accounting officer now directly owns 3,983 shares of the company’s stock, valued at $969,024.07. This represents a 12.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 962 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the completion of the transaction, the insider now directly owns 34,787 shares of the company’s stock, valued at $8,463,329.23. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,317 shares of company stock worth $14,844,282. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of several analyst reports. Wells Fargo & Company increased their price target on shares of Progressive from $317.00 to $320.00 and gave the stock an “overweight” rating in a research note on Thursday, April 10th. Keefe, Bruyette & Woods decreased their target price on Progressive from $300.00 to $288.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 8th. BMO Capital Markets dropped their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Bank of America lowered Progressive from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $300.00 to $287.00 in a research note on Friday, April 4th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $283.71.

Progressive Trading Up 1.2 %

NYSE:PGR opened at $278.85 on Tuesday. The firm has a market cap of $163.47 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The firm has a 50-day moving average price of $272.44 and a two-hundred day moving average price of $257.43. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders 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 annualized dividend and a yield of 0.14%. Progressive’s payout ratio is 2.78%.

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.