1,376 Shares in The Progressive Co. (NYSE:PGR) Bought by Centric Wealth Management

Centric Wealth Management acquired a new stake in The Progressive Co. (NYSE:PGR) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,376 shares of the insurance provider’s stock, valued at approximately $219,000.

Several other large investors also recently modified their holdings of the business. Valley National Advisers Inc. boosted 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 last quarter. Pinnacle Bancorp Inc. acquired a new stake in shares of Progressive during the fourth quarter worth approximately $39,000. Criterion Capital Advisors LLC bought a new stake in shares of Progressive in the fourth quarter worth $47,000. BOK Financial Private Wealth Inc. acquired a new stake in Progressive in the fourth quarter valued at $48,000. Finally, Webster Bank N. A. bought a new position in Progressive during the 4th quarter valued at $53,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

PGR stock traded up $0.02 on Tuesday, hitting $215.53. 2,706,155 shares of the company’s stock traded hands, compared to its average volume of 2,609,659. The stock has a market cap of $126.24 billion, a price-to-earnings ratio of 22.06, a P/E/G ratio of 0.82 and a beta of 0.34. 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 stock has a fifty day moving average of $205.21 and a 200-day moving average of $180.74. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $216.33.

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, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the business posted $0.65 EPS. Progressive’s revenue was up 17.7% on a year-over-year basis. On average, analysts forecast that The Progressive Co. will post 11.34 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was 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 of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other 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 completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s 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 transaction, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,139 shares of company stock worth $7,458,139. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. BMO Capital Markets increased their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Morgan Stanley boosted their price target on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Jefferies Financial Group upped their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, TD Cowen started coverage on shares of Progressive in a report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock 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.