Delta Investment Management LLC Has $669,000 Position in The Progressive Co. (NYSE:PGR)

Delta Investment Management LLC raised its stake in The Progressive Co. (NYSE:PGR) by 242.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,792 shares of the insurance provider’s stock after buying an additional 1,976 shares during the period. Delta Investment Management LLC’s holdings in Progressive were worth $669,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kesler Norman & Wride LLC raised its stake in Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after purchasing an additional 40 shares in the last quarter. Atlantic Edge Private Wealth Management LLC grew its stake in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares in the last quarter. Washington Trust Bank increased its holdings in shares of Progressive by 4.1% in the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock worth $255,000 after buying an additional 42 shares during the last quarter. SYM FINANCIAL Corp raised its position in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after buying an additional 44 shares in the last quarter. Finally, Monument Capital Management lifted its holdings in shares of Progressive by 0.3% during the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock worth $3,298,000 after acquiring an additional 44 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, Director Devin C. Johnson sold 400 shares of Progressive 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 completion of the transaction, the director now directly owns 8,370 shares of the company’s stock, valued at $2,302,084.80. This trade represents a 4.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 sale, the chief financial officer now directly owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,894 shares of company stock valued at $11,020,097 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PGR shares. Wells Fargo & Company increased their target price on Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Barclays increased their price target on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. Jefferies Financial Group reduced their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $288.24.

Progressive Trading Up 0.7%

PGR opened at $288.11 on Tuesday. 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 business has a 50 day simple moving average of $275.57 and a two-hundred day simple moving average of $262.13. The firm has a market capitalization of $168.90 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 1.70 and a beta of 0.40.

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

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive’s dividend payout ratio is currently 2.70%.

Progressive Company 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.