The Progressive Co. (NYSE:PGR) Position Raised by Waterfront Wealth Inc.

Waterfront Wealth Inc. raised its stake in The Progressive Co. (NYSE:PGR) by 3.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 8,299 shares of the insurance provider’s stock after buying an additional 276 shares during the quarter. Waterfront Wealth Inc.’s holdings in Progressive were worth $1,322,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PGR. Harbour Investments Inc. lifted its stake in Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after buying an additional 108 shares during the last quarter. Valley National Advisers Inc. lifted its stake in Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after buying an additional 112 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in Progressive in the first quarter valued at $31,000. Neo Ivy Capital Management bought a new stake in shares of Progressive during the second quarter valued at about $35,000. Finally, Arlington Trust Co LLC bought a new stake in shares of Progressive during the third quarter valued at about $36,000. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PGR. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. The Goldman Sachs Group lifted their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Wells Fargo & Company lifted their price objective on shares of Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Bank of America cut their price objective on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $211.88.

Progressive Stock Performance

PGR traded up $0.77 on Wednesday, hitting $209.12. The company had a trading volume of 3,554,558 shares, compared to its average volume of 2,604,509. The company’s fifty day moving average price is $198.74 and its 200 day moving average price is $174.33. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $212.24. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The stock has a market cap of $122.48 billion, a price-to-earnings ratio of 21.40, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its earnings results 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. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period in the previous year, the company earned $0.65 EPS. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. Equities analysts predict that The Progressive Co. will post 10.73 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insiders Place Their Bets

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

About Progressive

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.