Fidelis Capital Partners LLC Purchases 476 Shares of The Progressive Co. (NYSE:PGR)

Fidelis Capital Partners LLC boosted its holdings in The Progressive Co. (NYSE:PGR) by 14.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,736 shares of the insurance provider’s stock after purchasing an additional 476 shares during the quarter. Fidelis Capital Partners LLC’s holdings in Progressive were worth $595,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PGR. Valley National Advisers Inc. raised its stake in Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares during the period. Harbour Investments Inc. grew its holdings in Progressive by 109.1% during the 3rd quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after buying an additional 108 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Progressive during the first quarter valued at approximately $31,000. Pinnacle Bancorp Inc. bought a new position in shares of Progressive during the fourth quarter worth $39,000. Finally, Arlington Trust Co LLC bought a new position in shares of Progressive during the third quarter worth $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on PGR. Roth Mkm increased their price objective on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. The Goldman Sachs Group increased their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Keefe, Bruyette & Woods upped their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Finally, Wells Fargo & Company increased their price target on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $211.88.

Progressive Price Performance

Shares of Progressive stock traded up $3.24 during trading on Friday, reaching $212.99. The company’s stock had a trading volume of 792,548 shares, compared to its average volume of 2,572,346. The business has a 50 day moving average price of $199.28 and a 200-day moving average price of $174.57. The company has a market capitalization of $124.75 billion, a P/E ratio of 21.47, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $213.15.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 EPS. As a group, sell-side analysts anticipate that The Progressive Co. will post 11.16 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In related news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.