Phillips Financial Management LLC Has $299,000 Stock Holdings in The Progressive Co. (NYSE:PGR)

Phillips Financial Management LLC increased its position in shares of The Progressive Co. (NYSE:PGR) by 4.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,249 shares of the insurance provider’s stock after buying an additional 54 shares during the quarter. Phillips Financial Management LLC’s holdings in Progressive were worth $299,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Webster Bank N. A. purchased a new stake in shares of Progressive during the fourth quarter worth $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of 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 in the last quarter. Valley National Advisers Inc. grew its position in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares during the period. Finally, Independence Bank of Kentucky grew its position in shares of Progressive by 1,650.0% during the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after acquiring an additional 165 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 0.2 %

Shares of PGR stock opened at $277.52 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 1 year low of $197.77 and a 1 year high of $287.49. The firm’s fifty day moving average price is $256.53 and its two-hundred day moving average price is $253.50. The firm has a market capitalization of $162.69 billion, a P/E ratio of 19.27, a PEG ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS 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 33.79%. On average, equities analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio is 2.78%.

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company’s stock, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,257 shares of company stock worth $15,752,781. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PGR shares. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Bank of America lowered their target price on shares of Progressive from $333.00 to $318.00 and set a “buy” rating for the company in a research note on Monday. Barclays raised their target price on shares of Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 18th. BMO Capital Markets cut their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, Wells Fargo & Company boosted their target price on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $276.59.

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.