1,566 Shares in The Progressive Co. (NYSE:PGR) Bought by KCM Investment Advisors LLC

KCM Investment Advisors LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,566 shares of the insurance provider’s stock, valued at approximately $324,000.

Other hedge funds have also recently modified their holdings of the company. Diversified Trust Co increased its stake in Progressive by 12.0% during the 3rd quarter. Diversified Trust Co now owns 3,136 shares of the insurance provider’s stock valued at $437,000 after purchasing an additional 337 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Progressive by 9.3% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock worth $1,110,000 after buying an additional 675 shares in the last quarter. Anchor Investment Management LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $144,000. Massmutual Trust Co. FSB ADV lifted its position in Progressive by 11.2% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,692 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 171 shares during the period. Finally, DNB Asset Management AS boosted its holdings in Progressive by 4.0% in the fourth quarter. DNB Asset Management AS now owns 139,368 shares of the insurance provider’s stock worth $22,199,000 after purchasing an additional 5,403 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR stock traded up $3.46 during mid-day trading on Monday, hitting $216.76. The company had a trading volume of 322,167 shares, compared to its average volume of 2,549,839. The Progressive Co. has a 12-month low of $117.64 and a 12-month high of $217.77. The company has a 50-day moving average price of $209.57 and a 200 day moving average price of $197.66. The company has a market capitalization of $126.96 billion, a price-to-earnings ratio of 21.83, a P/E/G ratio of 0.83 and a beta of 0.35. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.65 EPS. On average, research analysts anticipate that The Progressive Co. will post 11.24 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.18%. Progressive’s dividend payout ratio is presently 4.09%.

Analyst Ratings Changes

PGR has been the topic of a number of research reports. Citigroup raised their price target on Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. Bank of America reduced their price target on shares of Progressive from $281.00 to $276.00 and set a “buy” rating for the company in a research report on Thursday. Roth Mkm reiterated a “buy” rating and issued a $235.00 price objective on shares of Progressive in a research note on Wednesday, June 26th. The Goldman Sachs Group boosted their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Finally, HSBC increased their target price on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Progressive currently has a consensus rating of “Hold” and an average target price of $218.50.

Insider Activity at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 34,518 shares of company stock valued at $7,159,674 over the last ninety days. 0.34% of the stock is owned by company insiders.

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.