Harvest Fund Management Co. Ltd Has $212,000 Stake in The Progressive Co. (NYSE:PGR)

Harvest Fund Management Co. Ltd increased its position in shares of The Progressive Co. (NYSE:PGR) by 1,086.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,329 shares of the insurance provider’s stock after purchasing an additional 1,217 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Progressive were worth $212,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Valley National Advisers Inc. increased its position in shares of Progressive by 143.6% during 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 period. Arlington Trust Co LLC bought a new position in shares of Progressive during the 3rd quarter worth about $36,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at about $39,000. Criterion Capital Advisors LLC bought a new stake in Progressive in the fourth quarter valued at about $47,000. Finally, BOK Financial Private Wealth Inc. acquired a new position in Progressive in the fourth quarter worth about $48,000. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PGR shares. UBS Group upped their price target on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Morgan Stanley lifted their price objective on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. HSBC increased their target price on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Finally, Citigroup lifted their price target on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $211.88.

Progressive Stock Down 0.6 %

NYSE:PGR opened at $210.92 on Thursday. The stock’s fifty day simple moving average is $201.66 and its 200-day simple moving average is $176.83. The firm has a market capitalization of $123.54 billion, a P/E ratio of 21.72, a P/E/G ratio of 0.85 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.21.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. Progressive’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.65 EPS. Equities research analysts expect that The Progressive Co. will post 11.22 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is presently 4.09%.

Insider Buying and Selling at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction 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 sale, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,139 shares of company stock valued at $7,458,139. Company insiders own 0.34% of the company’s stock.

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.