Rialto Wealth Management LLC Invests $43,000 in The Progressive Co. (NYSE:PGR)

Rialto Wealth Management LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) in the fourth quarter, HoldingsChannel reports. The fund bought 180 shares of the insurance provider’s stock, valued at approximately $43,000.

Several other large investors have also recently bought and sold shares of the business. State Street Corp boosted its position in shares of Progressive by 1.3% during the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after acquiring an additional 315,411 shares in the last quarter. Geode Capital Management LLC lifted its stake in Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares during the last quarter. FMR LLC boosted its holdings in Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after purchasing an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progressive by 7.0% in 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 valued at $1,286,036,000 after purchasing an additional 330,667 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.5 %

Shares of Progressive stock opened at $279.77 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market cap of $164.00 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The Progressive Co. has a 52-week low of $194.49 and a 52-week high of $287.49. The company’s 50-day simple moving average is $254.23 and its 200-day simple moving average is $252.81.

Progressive (NYSE:PGR) last issued its 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%. As a group, equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Thursday. JPMorgan Chase & Co. raised their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a report on Tuesday, December 10th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research note on Thursday, December 26th. Finally, Morgan Stanley boosted their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $277.59.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $279.94, for a total value of $2,799,400.00. Following the completion of the transaction, the chief financial officer now owns 269,566 shares in the company, valued at $75,462,306.04. This trade represents a 3.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the sale, the insider now directly owns 39,040 shares in the company, valued at approximately $9,645,222.40. This represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,361 shares of company stock valued at $14,102,075. 0.34% of the stock is owned by company insiders.

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.