Donaldson Capital Management LLC Purchases 1,596 Shares of The Progressive Co. (NYSE:PGR)

Donaldson Capital Management LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 13.2% during the 4th quarter, HoldingsChannel reports. The firm owned 13,698 shares of the insurance provider’s stock after acquiring an additional 1,596 shares during the period. Donaldson Capital Management LLC’s holdings in Progressive were worth $2,182,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Compass Ion Advisors LLC raised its stake in Progressive by 0.8% during the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after buying an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in Progressive by 10.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares during the last quarter. Quent Capital LLC raised its stake in Progressive by 19.3% during the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after buying an additional 69 shares during the last quarter. BSW Wealth Partners raised its stake in Progressive by 4.2% during the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after buying an additional 69 shares during the last quarter. Finally, Invesco LLC raised its stake in Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after buying an additional 70 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the sale, the insider now directly owns 27,921 shares in the company, valued at $4,725,350.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Andrew J. Quigg sold 551 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the completion of the transaction, the insider now directly owns 27,921 shares in the company, valued at approximately $4,725,350.04. The disclosure for this sale can be found here. Insiders have sold a total of 44,629 shares of company stock worth $8,348,176 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. Citigroup lifted their price objective on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday. Piper Sandler reiterated an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. BMO Capital Markets boosted their price target on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. TD Cowen assumed coverage on Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target for the company. Finally, Morgan Stanley boosted their price target on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $208.31.

Progressive Price Performance

Progressive stock traded up $2.69 during midday trading on Monday, reaching $206.59. 3,841,845 shares of the stock traded hands, compared to its average volume of 2,586,974. The stock’s fifty day moving average is $197.15 and its 200-day moving average is $173.13. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $212.24. The stock has a market cap of $121.00 billion, a P/E ratio of 21.15, a PEG ratio of 0.86 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating 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 company had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the company earned $0.65 earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. As a group, equities research analysts anticipate that The Progressive Co. will post 10.5 EPS for the current year.

Progressive Announces Dividend

The business 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. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

About Progressive

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.