Envestnet Portfolio Solutions Inc. Acquires 1,577 Shares of The Progressive Co. (NYSE:PGR)

Envestnet Portfolio Solutions Inc. raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,577 shares of the insurance provider’s stock after purchasing an additional 1,577 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Progressive were worth $7,566,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Mount Lucas Management LP increased its stake in Progressive by 2.4% during the 3rd quarter. Mount Lucas Management LP now owns 2,493 shares of the insurance provider’s stock valued at $633,000 after purchasing an additional 59 shares in the last quarter. Atlanta Consulting Group Advisors LLC bought a new stake in Progressive during the 3rd quarter valued at $337,000. Claro Advisors LLC increased its stake in Progressive by 117.2% during the 3rd quarter. Claro Advisors LLC now owns 2,952 shares of the insurance provider’s stock valued at $749,000 after purchasing an additional 1,593 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Progressive by 26.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 139,782 shares of the insurance provider’s stock worth $35,471,000 after acquiring an additional 29,050 shares during the last quarter. Finally, AMG National Trust Bank purchased a new position in Progressive during the 3rd quarter worth $203,000. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 2.8 %

Shares of PGR opened at $291.69 on Tuesday. The business’s 50-day moving average price is $259.18 and its 200-day moving average price is $254.36. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The stock has a market cap of $170.99 billion, a PE ratio of 20.26, a P/E/G ratio of 1.70 and a beta of 0.35. 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 announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share 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%. On average, equities analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a report on Thursday, December 26th. Bank of America cut their price target on shares of Progressive from $333.00 to $318.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, UBS Group boosted their price target on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $281.76.

Insider Activity

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This 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 accessible through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 62,257 shares of company stock worth $15,752,781 over the last ninety days. Company insiders own 0.34% of the company’s stock.

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.