Balanced Wealth Group LLC Acquires New Stake in The Progressive Co. (NYSE:PGR)

Balanced Wealth Group LLC purchased a new position in The Progressive Co. (NYSE:PGR) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,339 shares of the insurance provider’s stock, valued at approximately $532,000.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP increased its position in shares of Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. Northern Trust Corp lifted its holdings in Progressive by 2.8% in the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock worth $833,410,000 after purchasing an additional 162,916 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Progressive by 2.9% during the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock worth $785,814,000 after buying an additional 156,332 shares during the period. Invesco Ltd. increased its stake in shares of Progressive by 31.8% in the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock worth $666,004,000 after purchasing an additional 1,154,591 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Progressive by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,509,705 shares of the insurance provider’s stock worth $559,026,000 after acquiring an additional 146,130 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock worth $7,458,139 over the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.2 %

Shares of NYSE:PGR traded up $0.44 on Wednesday, hitting $215.90. The company had a trading volume of 1,713,221 shares, compared to its average volume of 2,599,587. The firm has a market capitalization of $126.45 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 0.82 and a beta of 0.34. 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 1 year low of $111.41 and a 1 year high of $217.77. The firm’s 50-day simple moving average is $205.21 and its two-hundred day simple moving average is $180.74.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. Equities analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. UBS Group increased their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Jefferies Financial Group increased their price objective on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, April 15th. BMO Capital Markets increased their price objective on Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Finally, TD Cowen started coverage on Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus target price of $211.88.

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.