Impact Investors Inc Buys New Holdings in The Progressive Co. (NYSE:PGR)

Impact Investors Inc purchased a new position in The Progressive Co. (NYSE:PGR) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 4,163 shares of the insurance provider’s stock, valued at approximately $998,000.

A number of other institutional investors have also added to or reduced their stakes in PGR. Private Advisor Group LLC grew its position in shares of Progressive by 10.9% during the third quarter. Private Advisor Group LLC now owns 11,958 shares of the insurance provider’s stock valued at $3,034,000 after purchasing an additional 1,176 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Progressive by 10.8% in the third quarter. Assenagon Asset Management S.A. now owns 18,371 shares of the insurance provider’s stock valued at $4,662,000 after purchasing an additional 1,789 shares in the last quarter. Arkadios Wealth Advisors raised its stake in Progressive by 113.8% during the third quarter. Arkadios Wealth Advisors now owns 3,247 shares of the insurance provider’s stock valued at $824,000 after purchasing an additional 1,728 shares in the last quarter. PFG Investments LLC purchased a new stake in Progressive during the third quarter valued at $244,000. Finally, TCI Wealth Advisors Inc. purchased a new position in shares of Progressive in the 3rd quarter worth $201,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by company insiders.

Progressive Price Performance

Shares of PGR stock opened at $278.62 on Wednesday. The company has a market cap of $163.22 billion, a P/E ratio of 19.35, a PEG ratio of 1.70 and a beta of 0.42. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The stock’s 50-day moving average is $247.97 and its 200 day moving average is $250.14. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $279.93.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Keefe, Bruyette & Woods lowered their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. TD Cowen raised their price target on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Morgan Stanley boosted their price objective on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Roth Mkm lifted their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $277.59.

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.