Tritonpoint Wealth LLC Purchases 194 Shares of The Progressive Co. (NYSE:PGR)

Tritonpoint Wealth LLC increased its position in shares of The Progressive Co. (NYSE:PGR) by 12.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,705 shares of the insurance provider’s stock after buying an additional 194 shares during the period. Tritonpoint Wealth LLC’s holdings in Progressive were worth $409,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Webster Bank N. A. bought a new stake in Progressive during the fourth quarter valued at about $26,000. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Independence Bank of Kentucky grew its holdings in Progressive by 1,650.0% in the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after buying an additional 165 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Progressive during the third quarter worth approximately $49,000. Finally, Friedenthal Financial bought a new stake in shares of Progressive in the third quarter valued at approximately $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock worth $13,983,575 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $246.78 on Monday. The stock’s fifty day moving average is $247.01 and its 200-day moving average is $244.75. The stock has a market capitalization of $144.57 billion, a PE ratio of 17.14, a PEG ratio of 0.64 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 52 week low of $176.37 and a 52 week high of $270.62.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 34.32%. Equities research analysts expect that The Progressive Co. will post 14.03 EPS for the current fiscal year.

Progressive Announces Dividend

The firm 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. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is 2.78%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PGR. Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday. Wells Fargo & Company upped their price objective on shares of Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a research report on Thursday. Evercore ISI increased their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods reduced their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Progressive currently has an average rating of “Moderate Buy” and an average target price of $275.71.

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.