Triglav Skladi D.O.O. Makes New $6.86 Million Investment in The Progressive Co. (NYSE:PGR)

Triglav Skladi D.O.O. acquired a new position in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 28,615 shares of the insurance provider’s stock, valued at approximately $6,856,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Webster Bank N. A. purchased a new position in Progressive during the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC purchased a new position in Progressive during the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in Progressive during the 4th quarter worth approximately $28,000. Finally, Valley National Advisers Inc. grew its position in Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Devin C. Johnson sold 400 shares of the business’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total transaction of $110,016.00. Following the transaction, the director now owns 8,370 shares in the company, valued at approximately $2,302,084.80. The trade was a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the transaction, the chief financial officer now owns 248,024 shares in the company, valued at approximately $66,616,766.16. The trade was a 3.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,894 shares of company stock worth $11,020,097 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

Shares of PGR opened at $285.93 on Monday. The company has a market capitalization of $167.62 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company’s fifty day moving average price is $275.35 and its 200 day moving average price is $261.81.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is presently 2.70%.

Analysts Set New Price Targets

PGR has been the topic of several research analyst reports. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. UBS Group lifted their target price on shares of Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, March 14th. Jefferies Financial Group decreased their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $288.00 target price on shares of Progressive in a research note on Thursday, April 17th. Finally, Roth Mkm lifted their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $287.65.

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.