Osprey Private Wealth LLC Has $7.41 Million Stock Holdings in The Progressive Corporation $PGR

Osprey Private Wealth LLC grew its holdings in The Progressive Corporation (NYSE:PGR) by 32.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,516 shares of the insurance provider’s stock after purchasing an additional 7,961 shares during the quarter. Progressive comprises about 2.1% of Osprey Private Wealth LLC’s portfolio, making the stock its 18th biggest position. Osprey Private Wealth LLC’s holdings in Progressive were worth $7,405,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Dagco Inc. acquired a new position in shares of Progressive in the 4th quarter valued at about $28,000. Ameriflex Group Inc. lifted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Bangor Savings Bank lifted its stake in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the period. Riverview Trust Co lifted its stake in shares of Progressive by 48.6% in the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 53 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Progressive by 833.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 150 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 1.0%

PGR stock opened at $193.85 on Friday. The stock’s 50 day simple moving average is $202.73 and its 200 day simple moving average is $211.43. The Progressive Corporation has a fifty-two week low of $191.75 and a fifty-two week high of $289.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.35 and a current ratio of 0.27. The company has a market cap of $113.27 billion, a P/E ratio of 9.86, a price-to-earnings-growth ratio of 5.61 and a beta of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the prior year, the business earned $4.37 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts expect that The Progressive Corporation will post 16.39 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive’s payout ratio is currently 2.03%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PGR shares. Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods dropped their price objective on Progressive from $227.00 to $210.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 7th. Barclays set a $247.00 price target on Progressive in a research note on Wednesday, March 18th. Wells Fargo & Company upped their price target on Progressive from $215.00 to $218.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. Finally, Morgan Stanley dropped their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $238.39.

Insider Buying and Selling

In other Progressive news, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 6,933 shares of company stock valued at $1,441,564. Company insiders own 0.32% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.