Savvy Advisors Inc. Buys 1,589 Shares of The Progressive Co. (NYSE:PGR)

Savvy Advisors Inc. raised its stake in shares of The Progressive Co. (NYSE:PGR) by 68.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 3,926 shares of the insurance provider’s stock after purchasing an additional 1,589 shares during the quarter. Savvy Advisors Inc.’s holdings in Progressive were worth $941,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Kesler Norman & Wride LLC raised its holdings in Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after acquiring an additional 40 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised 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 purchasing an additional 41 shares in the last quarter. Washington Trust Bank lifted its position in Progressive by 4.1% in the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock worth $255,000 after purchasing an additional 42 shares during the period. SYM FINANCIAL Corp boosted its stake in Progressive by 2.8% during the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after buying an additional 44 shares in the last quarter. Finally, Monument Capital Management increased its holdings in Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock valued at $3,298,000 after buying an additional 44 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 1.0 %

NYSE:PGR opened at $275.78 on Monday. The stock’s fifty day moving average price is $271.85 and its two-hundred day moving average price is $257.23. The company has a market cap of $161.67 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 1.70 and a beta of 0.38. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (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%. On average, analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date was Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is 2.78%.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Roth Mkm lifted their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. UBS Group upped their price objective on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, March 14th. Bank of America lowered Progressive from a “buy” rating to a “neutral” rating and decreased their price target for the company from $300.00 to $287.00 in a research note on Friday, April 4th. Finally, BMO Capital Markets dropped their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $283.71.

Insider Activity at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at $180,891.35. This represents a 35.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 585 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $142,324.65. Following the transaction, the chief accounting officer now directly owns 3,983 shares in the company, valued at $969,024.07. The trade was a 12.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock worth $14,844,282 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.