Forum Financial Management LP Buys 351 Shares of The Progressive Co. (NYSE:PGR)

Forum Financial Management LP raised its position in shares of The Progressive Co. (NYSE:PGR) by 7.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,318 shares of the insurance provider’s stock after acquiring an additional 351 shares during the period. Forum Financial Management LP’s holdings in Progressive were worth $1,274,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Webster Bank N. A. acquired a new position in Progressive in the 4th quarter valued at $26,000. Hager Investment Management Services LLC bought a new stake in shares of Progressive in the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC grew 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 acquiring an additional 41 shares in the last quarter. Valley National Advisers Inc. increased its position in Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 120 shares during the period. Finally, Atala Financial Inc acquired a new stake in Progressive in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PGR. Barclays raised their target price on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Wells Fargo & Company upped their target price on Progressive from $320.00 to $324.00 and gave the company an “overweight” rating in a research report on Thursday. Jefferies Financial Group dropped their price target on Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $285.76.

Progressive Stock Down 3.5 %

Shares of NYSE:PGR opened at $265.45 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The company has a market capitalization of $155.62 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a fifty day moving average of $273.91 and a 200-day moving average of $257.84.

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

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date was Thursday, April 3rd. Progressive’s payout ratio is 2.70%.

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 585 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $142,324.65. Following the sale, the chief accounting officer now owns 3,983 shares of the company’s stock, valued at $969,024.07. The trade was a 12.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the transaction, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $115,255,231.44. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,317 shares of company stock worth $14,844,282. 0.34% of the stock is currently owned by company insiders.

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.