Tranquility Partners LLC Has $1.21 Million Holdings in The Progressive Co. (NYSE:PGR)

Tranquility Partners LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 4.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,570 shares of the insurance provider’s stock after selling 324 shares during the period. Tranquility Partners LLC’s holdings in Progressive were worth $1,206,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbour Investments Inc. increased its holdings in Progressive by 109.1% during the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock worth $29,000 after buying an additional 108 shares during the last quarter. Valley National Advisers Inc. increased its holdings in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares during the last quarter. Sunbelt Securities Inc. acquired a new position in Progressive during the first quarter worth $31,000. Neo Ivy Capital Management acquired a new position in Progressive during the second quarter worth $35,000. Finally, Arlington Trust Co LLC acquired a new position in Progressive during the third quarter worth $36,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of a number of recent analyst reports. Bank of America lowered their target price on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a report on Wednesday. Jefferies Financial Group lifted their price objective on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday. BMO Capital Markets lifted their price objective on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. TD Cowen initiated coverage on shares of Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price objective for the company. Finally, Citigroup lifted their price objective on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research report on Monday. 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’s stock. According to MarketBeat, Progressive has an average rating of “Hold” and a consensus target price of $211.88.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 29,675 shares of the 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 completion of the transaction, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 value of $5,645,965.50. Following the completion of the transaction, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the SEC, which can be accessed 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 shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock traded up $0.77 during trading hours on Wednesday, reaching $209.12. 3,554,558 shares of the stock were exchanged, compared to its average volume of 2,604,509. The company has a market cap of $122.48 billion, a P/E ratio of 21.33, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $212.24. The stock has a 50 day moving average of $198.20 and a two-hundred day moving average of $174.08.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.65 earnings per share. Equities analysts expect that The Progressive Co. will post 10.73 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders 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 dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

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.