Quotient Wealth Partners LLC Purchases New Shares in The Progressive Co. (NYSE:PGR)

Quotient Wealth Partners LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,281 shares of the insurance provider’s stock, valued at approximately $204,000.

Other hedge funds have also modified their holdings of the company. Valley National Advisers Inc. grew its holdings in Progressive by 143.6% in the fourth 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. Pinnacle Bancorp Inc. acquired a new position in Progressive during the fourth quarter worth $39,000. Criterion Capital Advisors LLC acquired a new stake in shares of Progressive in the fourth quarter valued at about $47,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at about $48,000. Finally, Webster Bank N. A. purchased a new stake in shares of Progressive during the fourth quarter worth about $53,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Down 0.8 %

NYSE PGR traded down $1.69 during trading hours on Thursday, reaching $207.56. The company had a trading volume of 418,155 shares, compared to its average volume of 2,556,125. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $121.57 billion, a P/E ratio of 21.42, a price-to-earnings-growth ratio of 0.84 and a beta of 0.34. The stock has a 50-day moving average of $207.93 and a 200 day moving average of $183.02. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $217.77.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping 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 firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the business posted $0.65 EPS. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, research analysts anticipate that The Progressive Co. will post 11.29 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PGR shares. Bank of America lowered their price objective on Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. JPMorgan Chase & Co. boosted their price target on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. UBS Group raised their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. BMO Capital Markets increased their target price on shares of Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, Piper Sandler reissued an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $211.88.

Insider Activity at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were 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 in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,139 shares of company stock worth $7,458,139. Corporate 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.