Dougherty & Associates LLC Invests $2.48 Million in The Progressive Corporation $PGR

Dougherty & Associates LLC bought a new position in The Progressive Corporation (NYSE:PGR) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,888 shares of the insurance provider’s stock, valued at approximately $2,480,000. Progressive makes up about 2.2% of Dougherty & Associates LLC’s portfolio, making the stock its 12th biggest position.

Several other hedge funds also recently made changes to their positions in the company. Klingman & Associates LLC grew its position in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after acquiring an additional 48 shares in the last quarter. Wealthstream Advisors Inc. boosted its position in Progressive by 4.6% during the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after purchasing an additional 49 shares during the period. Revisor Wealth Management LLC boosted its position in Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 50 shares during the period. Cullen Investment Group LTD. boosted its position in Progressive by 0.7% during the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after purchasing an additional 52 shares during the period. Finally, Pines Wealth Management LLC boosted its position in Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,933 shares of company stock worth $1,441,564 over the last 90 days. Insiders own 0.32% of the company’s stock.

Progressive Stock Up 0.0%

Shares of Progressive stock opened at $199.83 on Monday. The business’s fifty day moving average price is $201.02 and its two-hundred day moving average price is $210.46. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The company has a market capitalization of $116.77 billion, a P/E ratio of 10.16, a PEG ratio of 5.77 and a beta of 0.31. The Progressive Corporation has a 1-year low of $191.75 and a 1-year high of $289.96.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.37 EPS. As a group, research analysts forecast that The Progressive Corporation will post 16.4 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

Analyst Ratings Changes

A number of research analysts recently issued reports on PGR shares. Barclays set a $247.00 price objective on Progressive in a research report on Wednesday, March 18th. Mizuho reduced their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research report on Friday, March 20th. Jefferies Financial Group reduced their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $227.00 to $210.00 and set a “market perform” rating for the company in a research report on Tuesday, April 7th. Finally, Roth Mkm set a $235.00 price objective on Progressive in a research report on Thursday, February 19th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $238.39.

About Progressive

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.