Teamwork Financial Advisors LLC Acquires New Position in The Progressive Co. (NYSE:PGR)

Teamwork Financial Advisors LLC acquired a new stake in The Progressive Co. (NYSE:PGR) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,436 shares of the insurance provider’s stock, valued at approximately $1,782,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Versant Capital Management Inc increased its holdings in Progressive by 98.2% during the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after acquiring an additional 391 shares in the last quarter. Townsquare Capital LLC grew its holdings in shares of Progressive by 90.9% during the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after buying an additional 3,720 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after buying an additional 11,770 shares in the last quarter. Sycomore Asset Management grew its holdings in shares of Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Progressive by 7.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after buying an additional 330,667 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares in the company, valued at $67,530,756.28. This represents a 3.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,938 shares of company stock valued at $7,473,490 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PGR shares. Wells Fargo & Company boosted their target price on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Bank of America lifted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research report on Thursday, December 26th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Evercore ISI lifted their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Progressive Stock Down 0.8 %

PGR stock opened at $239.13 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 1-year low of $169.57 and a 1-year high of $270.62. The firm has a fifty day moving average price of $248.98 and a two-hundred day moving average price of $243.14. The firm has a market cap of $140.08 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 0.63 and a beta of 0.41.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s dividend payout ratio is currently 2.91%.

Progressive 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.