605 Shares in The Progressive Co. (NYSE:PGR) Bought by Matrix Trust Co

Matrix Trust Co bought a new stake in shares of The Progressive Co. (NYSE:PGR) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 605 shares of the insurance provider’s stock, valued at approximately $145,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC raised its position in shares of Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. Jennison Associates LLC raised its holdings in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Progressive by 75.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after acquiring an additional 641,943 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after acquiring an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Wells Fargo & Company raised their price objective on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Morgan Stanley restated an “overweight” rating and issued a $310.00 price target on shares of Progressive in a research report on Friday, December 13th. Finally, Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $275.24.

Progressive Price Performance

Shares of NYSE PGR opened at $235.84 on Tuesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $138.16 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.70 and a beta of 0.41. The firm has a 50-day moving average of $251.23 and a two-hundred day moving average of $241.78. The Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62.

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

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a $0.10 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s payout ratio is 2.91%.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,919 shares of company stock worth $8,222,168 in the last ninety days. 0.34% of the stock is currently owned by insiders.

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.