Duality Advisers LP Makes New $4.49 Million Investment in The Progressive Co. (NYSE:PGR)

Duality Advisers LP acquired a new stake in The Progressive Co. (NYSE:PGR) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 28,155 shares of the insurance provider’s stock, valued at approximately $4,485,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Valley National Advisers Inc. increased its stake in shares of Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares during the last quarter. Harbour Investments Inc. raised its stake in Progressive by 109.1% during the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 108 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Progressive in the 1st quarter valued at $31,000. Pinnacle Bancorp Inc. purchased a new stake in shares of Progressive during the 4th quarter valued at $39,000. Finally, Arlington Trust Co LLC acquired a new stake in shares of Progressive during the 3rd quarter worth $36,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on PGR. Wells Fargo & Company boosted their price target on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Roth Mkm boosted their target price on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a report on Monday, April 1st. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, UBS Group raised their target price on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $211.88.

Progressive Stock Up 2.4 %

Shares of PGR stock traded up $4.94 during mid-day trading on Friday, reaching $214.69. 4,191,546 shares of the company were exchanged, compared to its average volume of 2,908,719. The company has a market capitalization of $125.74 billion, a P/E ratio of 21.97, a P/E/G ratio of 0.85 and a beta of 0.35. The business’s 50 day simple moving average is $199.92 and its 200 day simple moving average is $175.58. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $215.18.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the business earned $0.65 EPS. Research analysts predict that The Progressive Co. will post 11.22 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s payout ratio is currently 4.09%.

Insiders Place Their Bets

In related news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 39,139 shares of company stock valued at $7,458,139 in the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Profile

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.