Kestra Investment Management LLC Increases Stock Holdings in The Progressive Co. (NYSE:PGR)

Kestra Investment Management LLC raised its stake in The Progressive Co. (NYSE:PGR) by 1.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,965 shares of the insurance provider’s stock after purchasing an additional 47 shares during the quarter. Kestra Investment Management LLC’s holdings in Progressive were worth $950,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Webster Bank N. A. purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares in the last quarter. Valley National Advisers Inc. boosted its stake in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares in the last quarter. Finally, Independence Bank of Kentucky boosted its stake in shares of Progressive by 1,650.0% in the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after buying an additional 165 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

NYSE PGR opened at $263.59 on Wednesday. The stock has a market cap of $154.41 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42. The business has a fifty day moving average of $245.59 and a 200-day moving average of $248.21. The Progressive Co. has a fifty-two week low of $186.94 and a fifty-two week high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 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%. As a group, analysts predict that The Progressive Co. will post 14.44 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive’s payout ratio is currently 2.78%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Morgan Stanley lifted their price target on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Barclays boosted their target price on Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a research report on Tuesday. BMO Capital Markets decreased their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Evercore ISI boosted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $275.88.

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.