Frank Rimerman Advisors LLC Raises Holdings in The Progressive Co. (NYSE:PGR)

Frank Rimerman Advisors LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 14.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,686 shares of the insurance provider’s stock after acquiring an additional 1,119 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Progressive were worth $2,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PGR. Atlantic Edge Private Wealth Management LLC raised its holdings in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares during the period. LRI Investments LLC raised its holdings in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 42 shares during the period. SYM FINANCIAL Corp raised its holdings in Progressive by 2.8% during the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after acquiring an additional 44 shares during the period. Monument Capital Management raised its holdings in Progressive by 0.3% during the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock valued at $3,298,000 after acquiring an additional 44 shares during the period. Finally, Kelleher Financial Advisors raised its holdings in Progressive by 4.7% during the fourth quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider’s stock valued at $238,000 after acquiring an additional 45 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Up 1.6 %

Shares of NYSE:PGR opened at $283.87 on Friday. The Progressive Co. has a 1 year low of $199.57 and a 1 year high of $287.49. The business has a 50 day simple moving average of $258.14 and a two-hundred day simple moving average of $253.97. The firm has a market capitalization of $166.41 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

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

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PGR shares. Keefe, Bruyette & Woods decreased their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Wells Fargo & Company lifted their target price on Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. JPMorgan Chase & Co. lifted their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Finally, Barclays lifted their target price on Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $281.76.

Insider Buying and Selling at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 681 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 value of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 62,257 shares of company stock worth $15,752,781 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Company 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.