Sigma Planning Corp bought a new position in shares of Progressive Corp (NYSE:PGR) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,607 shares of the insurance provider’s stock, valued at approximately $278,000.
Other hedge funds have also bought and sold shares of the company. Inverness Counsel LLC NY increased its holdings in shares of Progressive by 0.7% during the 3rd quarter. Inverness Counsel LLC NY now owns 581,349 shares of the insurance provider’s stock worth $41,299,000 after acquiring an additional 4,320 shares during the last quarter. BB&T Corp grew its holdings in Progressive by 22.5% in the 3rd quarter. BB&T Corp now owns 36,457 shares of the insurance provider’s stock valued at $2,589,000 after buying an additional 6,698 shares in the last quarter. Legal & General Group Plc grew its holdings in Progressive by 1.4% in the 3rd quarter. Legal & General Group Plc now owns 2,832,561 shares of the insurance provider’s stock valued at $201,225,000 after buying an additional 37,940 shares in the last quarter. Deutsche Bank AG grew its holdings in Progressive by 22.4% in the 3rd quarter. Deutsche Bank AG now owns 6,168,587 shares of the insurance provider’s stock valued at $438,207,000 after buying an additional 1,130,348 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Progressive by 4.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock valued at $779,788,000 after buying an additional 476,696 shares in the last quarter. 82.13% of the stock is currently owned by institutional investors and hedge funds.
NYSE:PGR opened at $68.36 on Monday. The firm has a market cap of $39.82 billion, a PE ratio of 15.47, a P/E/G ratio of 1.86 and a beta of 0.75. The company has a quick ratio of 0.42, a current ratio of 0.32 and a debt-to-equity ratio of 0.41. Progressive Corp has a fifty-two week low of $51.22 and a fifty-two week high of $73.69.
The firm also recently disclosed an annual dividend, which will be paid on Monday, February 11th. Investors of record on Monday, February 4th will be given a dividend of $2.514 per share. This is an increase from Progressive’s previous annual dividend of $1.12. This represents a dividend yield of 3.85%. The ex-dividend date is Friday, February 1st. Progressive’s dividend payout ratio is currently 56.79%.
A number of brokerages have commented on PGR. Morgan Stanley raised Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price objective on the stock in a report on Wednesday, November 7th. Barclays upped their price objective on Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a report on Monday, November 12th. Credit Suisse Group set a $79.00 price objective on Progressive and gave the company a “buy” rating in a report on Wednesday, November 14th. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. Finally, Wells Fargo & Co set a $69.00 price objective on Progressive and gave the company a “hold” rating in a report on Thursday, November 1st. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $71.64.
In other Progressive news, insider John A. Barbagallo sold 5,948 shares of the stock in a transaction dated Thursday, January 3rd. The stock was sold at an average price of $58.96, for a total value of $350,694.08. Following the completion of the transaction, the insider now directly owns 177,370 shares in the company, valued at $10,457,735.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $65.27, for a total value of $783,240.00. Following the completion of the transaction, the chief financial officer now owns 392,019 shares of the company’s stock, valued at $25,587,080.13. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 93,548 shares of company stock valued at $6,094,536. 0.70% of the stock is owned by corporate insiders.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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