Eukles Asset Management Decreases Stock Position in The Progressive Co. (NYSE:PGR)

Eukles Asset Management lessened its position in The Progressive Co. (NYSE:PGR) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,466 shares of the insurance provider’s stock after selling 239 shares during the quarter. Progressive comprises 1.3% of Eukles Asset Management’s holdings, making the stock its 26th largest position. Eukles Asset Management’s holdings in Progressive were worth $2,782,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Harbour Investments Inc. increased its holdings in shares of Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 108 shares during the last quarter. Valley National Advisers Inc. increased its holdings in shares of Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Progressive in the first quarter valued at approximately $31,000. Neo Ivy Capital Management acquired a new stake in Progressive during the second quarter worth $35,000. Finally, Arlington Trust Co LLC acquired a new stake in Progressive during the third quarter worth $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Morgan Stanley raised their target price on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Roth Mkm raised their target price on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. HSBC raised their target price on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods raised their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, UBS Group raised their target price on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $211.88.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 2.3 %

Shares of NYSE:PGR traded up $4.84 on Friday, hitting $214.59. 1,858,331 shares of the company’s stock were exchanged, compared to its average volume of 2,586,941. The firm’s 50-day moving average is $199.28 and its 200 day moving average is $174.57. The company has a market capitalization of $125.69 billion, a PE ratio of 21.47, a P/E/G ratio of 0.83 and a beta of 0.35. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $214.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 EPS. Sell-side analysts predict that The Progressive Co. will post 11.16 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

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.