Sargent Investment Group LLC bought a new stake in The Progressive Corporation (NYSE:PGR – Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,024 shares of the insurance provider’s stock, valued at approximately $689,000.
Other institutional investors have also added to or reduced their stakes in the company. Bard Associates Inc. bought a new position in Progressive in the fourth quarter valued at $27,000. Dagco Inc. bought a new position in Progressive in the fourth quarter valued at $28,000. IFC & Insurance Marketing Inc. bought a new position in Progressive in the fourth quarter valued at $29,000. Ameriflex Group Inc. increased its stake in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. Finally, Entrust Financial LLC bought a new position in Progressive in the fourth quarter valued at $33,000. Institutional investors own 85.34% of the company’s stock.
Insider Transactions at Progressive
In other news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 7,343 shares of company stock worth $1,470,355. Company insiders own 0.32% of the company’s stock.
Analysts Set New Price Targets
Progressive Stock Up 0.1%
Shares of NYSE:PGR opened at $203.40 on Tuesday. The stock’s 50-day moving average price is $199.37 and its 200-day moving average price is $207.77. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $269.78. The stock has a market capitalization of $118.85 billion, a P/E ratio of 10.34, a price-to-earnings-growth ratio of 5.89 and a beta of 0.28. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26.
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. During the same period last year, the firm earned $4.37 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is currently 2.03%.
Progressive Company Profile
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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