Anchor Investment Management LLC Has $402,000 Stock Position in The Progressive Co. (NYSE:PGR)

Anchor Investment Management LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 55.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,583 shares of the insurance provider’s stock after purchasing an additional 562 shares during the quarter. Anchor Investment Management LLC’s holdings in Progressive were worth $402,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. boosted its stake in Progressive by 131.9% during the second quarter. Blue Trust Inc. now owns 2,975 shares of the insurance provider’s stock worth $615,000 after buying an additional 1,692 shares in the last quarter. Brookstone Capital Management bought a new position in shares of Progressive during the 2nd quarter worth about $200,000. Sumitomo Life Insurance Co. acquired a new stake in shares of Progressive during the 2nd quarter valued at about $981,000. TCW Group Inc. increased its stake in Progressive by 2.8% in the second quarter. TCW Group Inc. now owns 11,495 shares of the insurance provider’s stock valued at $2,388,000 after acquiring an additional 315 shares during the period. Finally, Raymond James & Associates raised its position in Progressive by 0.8% in the second quarter. Raymond James & Associates now owns 1,101,866 shares of the insurance provider’s stock worth $228,869,000 after purchasing an additional 8,713 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Steven Broz sold 2,981 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,839 shares of company stock valued at $6,718,965. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research note on Tuesday. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Morgan Stanley reissued an “overweight” rating and set a $310.00 price objective on shares of Progressive in a report on Friday. The Goldman Sachs Group upped their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $270.69.

Progressive Stock Performance

Shares of Progressive stock opened at $251.86 on Friday. The firm has a 50 day simple moving average of $253.91 and a 200 day simple moving average of $236.56. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62. 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 firm has a market cap of $147.54 billion, a P/E ratio of 18.30, a P/E/G ratio of 0.68 and a beta of 0.38.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Sell-side analysts predict that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, January 9th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is presently 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.