The Progressive Co. (NYSE:PGR) Shares Bought by Joseph Group Capital Management

Joseph Group Capital Management lifted its position in shares of The Progressive Co. (NYSE:PGR) by 13.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 11,637 shares of the insurance provider’s stock after buying an additional 1,346 shares during the period. Progressive accounts for approximately 1.1% of Joseph Group Capital Management’s portfolio, making the stock its 29th largest holding. Joseph Group Capital Management’s holdings in Progressive were worth $2,788,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Larson Financial Group LLC boosted its holdings in shares of Progressive by 541.2% during the third quarter. Larson Financial Group LLC now owns 218 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 184 shares during the last quarter. Townsquare Capital LLC lifted its position in Progressive by 90.9% during the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after buying an additional 3,720 shares during the period. CreativeOne Wealth LLC acquired a new stake in Progressive in the 3rd quarter worth about $230,000. Icon Wealth Advisors LLC grew its holdings in Progressive by 2.7% in the 3rd quarter. Icon Wealth Advisors LLC now owns 2,457 shares of the insurance provider’s stock valued at $623,000 after buying an additional 65 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in shares of Progressive by 2.7% during the 3rd quarter. Captrust Financial Advisors now owns 30,748 shares of the insurance provider’s stock worth $7,803,000 after acquiring an additional 806 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $279.13 on Friday. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. 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 stock has a market cap of $163.64 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The stock has a 50 day moving average of $265.32 and a 200-day moving average of $255.86.

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

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s payout ratio is currently 2.78%.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 1,542 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $435,861.72. Following the transaction, the chief financial officer now directly owns 268,024 shares in the company, valued at $75,759,663.84. This trade represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CIO Jonathan S. Bauer sold 1,696 shares of the business’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 $479,391.36. Following the sale, the executive now owns 26,697 shares of the company’s stock, valued at approximately $7,546,174.02. The trade was a 5.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,255 shares of company stock valued at $16,877,471 in the last quarter. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of research analyst reports. Roth Mkm upped their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. BMO Capital Markets cut their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Saturday, March 22nd. Finally, Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $281.06.

Progressive Company 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.