Progressive Corp (NYSE:PGR) Holdings Boosted by Inverness Counsel LLC NY

Inverness Counsel LLC NY grew its position in shares of Progressive Corp (NYSE:PGR) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 753,452 shares of the insurance provider’s stock after purchasing an additional 35,130 shares during the quarter. Progressive makes up about 2.6% of Inverness Counsel LLC NY’s holdings, making the stock its 10th largest position. Inverness Counsel LLC NY’s holdings in Progressive were worth $54,542,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PGR. First Financial Corp IN acquired a new stake in shares of Progressive in the 3rd quarter valued at about $25,000. Simon Quick Advisors LLC increased its stake in Progressive by 562.0% in the fourth quarter. Simon Quick Advisors LLC now owns 523 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 444 shares during the period. Carroll Financial Associates Inc. increased its stake in Progressive by 26.6% in the fourth quarter. Carroll Financial Associates Inc. now owns 647 shares of the insurance provider’s stock valued at $46,000 after acquiring an additional 136 shares during the period. Private Ocean LLC increased its stake in Progressive by 225.0% in the fourth quarter. Private Ocean LLC now owns 650 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 450 shares during the period. Finally, Golden State Wealth Management LLC bought a new stake in Progressive in the third quarter valued at about $53,000. 77.76% of the stock is currently owned by institutional investors.

In other news, CEO Susan Patricia Griffith sold 22,614 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the sale, the chief executive officer now directly owns 376,308 shares of the company’s stock, valued at $27,090,412.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael D. Sieger sold 3,687 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $73.52, for a total transaction of $271,068.24. Following the sale, the insider now directly owns 51,019 shares in the company, valued at $3,750,916.88. The disclosure for this sale can be found here. Insiders have sold 47,817 shares of company stock worth $3,493,237 over the last three months. 0.39% of the stock is owned by insiders.

Progressive stock traded down $0.09 during trading hours on Tuesday, hitting $83.50. 131,222 shares of the stock were exchanged, compared to its average volume of 3,081,867. Progressive Corp has a 12 month low of $67.94 and a 12 month high of $84.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.36 and a current ratio of 0.42. The business’s 50-day moving average is $76.34 and its two-hundred day moving average is $74.97. The stock has a market capitalization of $48.68 billion, a P/E ratio of 12.43, a P/E/G ratio of 2.09 and a beta of 0.60.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $1.81 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.67. Progressive had a net margin of 10.17% and a return on equity of 30.68%. The business had revenue of $9.59 billion for the quarter, compared to analysts’ expectations of $8.89 billion. During the same period in the prior year, the firm earned $0.44 earnings per share. Progressive’s revenue was up 20.8% compared to the same quarter last year. On average, equities analysts predict that Progressive Corp will post 5.43 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 8th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, January 7th. This represents a $0.40 annualized dividend and a dividend yield of 0.48%. Progressive’s dividend payout ratio (DPR) is currently 5.95%.

A number of analysts recently weighed in on PGR shares. Citigroup began coverage on shares of Progressive in a research note on Tuesday, January 21st. They issued a “buy” rating and a $85.00 target price on the stock. Wells Fargo & Co reaffirmed a “hold” rating on shares of Progressive in a research note on Wednesday, January 29th. Morgan Stanley cut shares of Progressive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $84.00 to $74.00 in a research note on Monday, December 16th. Deutsche Bank upped their price objective on shares of Progressive from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Credit Suisse Group decreased their price objective on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. Progressive has a consensus rating of “Hold” and an average target price of $82.00.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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