Hudson Way Capital Management LLC Has $39.34 Million Stock Position in The Progressive Co. (NYSE:PGR)

Hudson Way Capital Management LLC boosted its holdings in The Progressive Co. (NYSE:PGR) by 2.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 164,177 shares of the insurance provider’s stock after buying an additional 3,838 shares during the quarter. Progressive makes up 4.4% of Hudson Way Capital Management LLC’s holdings, making the stock its 12th biggest holding. Hudson Way Capital Management LLC’s holdings in Progressive were worth $39,338,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Webster Bank N. A. bought a new position in Progressive in the fourth quarter valued at about $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive in the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC raised its holdings 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 valued at $28,000 after buying an additional 41 shares during the last quarter. Valley National Advisers Inc. boosted 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 buying an additional 120 shares during the period. Finally, Atala Financial Inc bought a new stake in Progressive during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent research reports. Jefferies Financial Group cut their price target 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. UBS Group raised their price objective on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. StockNews.com lowered Progressive from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. Morgan Stanley increased their target price on shares of Progressive from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $287.65.

Progressive Stock Up 0.1 %

PGR stock opened at $284.33 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 fifty-two week low of $201.34 and a fifty-two week high of $292.99. The stock’s 50 day simple moving average is $275.16 and its 200 day simple moving average is $260.37. The company has a market cap of $166.68 billion, a P/E ratio of 19.75, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40.

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

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders 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 was Thursday, April 3rd. Progressive’s payout ratio is presently 2.70%.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $268.59, for a total value of $2,685,900.00. Following the completion of the sale, the chief financial officer now directly owns 248,024 shares of the company’s stock, valued at approximately $66,616,766.16. This represents a 3.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of Progressive stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares in the company, valued at $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. 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. 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.