Sigma Planning Corp Buys New Holdings in Progressive Corp (PGR)

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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.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.57). Progressive had a return on equity of 24.54% and a net margin of 8.16%. The business had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. Progressive’s quarterly revenue was up 17.6% compared to the same quarter last year. On average, research analysts expect that Progressive Corp will post 5.01 earnings per share for the current year.

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.

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Progressive Profile

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.

See Also: Growth Stocks

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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