The Progressive Corporation $PGR Shares Bought by Prospera Financial Services Inc

Prospera Financial Services Inc boosted its stake in The Progressive Corporation (NYSE:PGR) by 36.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,240 shares of the insurance provider’s stock after buying an additional 5,184 shares during the period. Prospera Financial Services Inc’s holdings in Progressive were worth $4,752,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Profund Advisors LLC lifted its position in shares of Progressive by 1.6% during the third quarter. Profund Advisors LLC now owns 8,373 shares of the insurance provider’s stock worth $2,068,000 after purchasing an additional 134 shares in the last quarter. Linden Thomas Advisory Services LLC raised its position in Progressive by 8.6% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 3,806 shares of the insurance provider’s stock valued at $940,000 after purchasing an additional 300 shares in the last quarter. Western Wealth Management LLC grew its position in shares of Progressive by 2.5% during the third quarter. Western Wealth Management LLC now owns 6,348 shares of the insurance provider’s stock worth $1,568,000 after buying an additional 157 shares in the last quarter. Candriam S.C.A. increased its stake in shares of Progressive by 6.0% during the third quarter. Candriam S.C.A. now owns 348,804 shares of the insurance provider’s stock worth $86,137,000 after buying an additional 19,849 shares during the period. Finally, Kinsale Capital Group Inc. raised its holdings in Progressive by 7.0% in the third quarter. Kinsale Capital Group Inc. now owns 49,476 shares of the insurance provider’s stock valued at $12,218,000 after acquiring an additional 3,240 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of Progressive stock opened at $208.40 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The firm has a market cap of $122.20 billion, a price-to-earnings ratio of 10.83, a price-to-earnings-growth ratio of 7.09 and a beta of 0.32. The Progressive Corporation has a one year low of $197.92 and a one year high of $292.99. The stock’s 50-day moving average is $215.77 and its 200-day moving average is $228.41.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is 2.08%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Evercore dropped their price objective on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a research report on Wednesday, January 7th. Raymond James Financial lowered their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. Keefe, Bruyette & Woods dropped their price objective on Progressive from $252.00 to $225.00 and set a “market perform” rating on the stock in a report on Friday, January 30th. Jefferies Financial Group set a $216.00 target price on Progressive in a research note on Wednesday. Finally, Bank of America reduced their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday, December 9th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $250.35.

Insider Activity

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer owned 223,024 shares in the company, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,443 shares of company stock valued at $2,723,061 over the last quarter. 0.34% of the stock is currently owned by company insiders.

Progressive Profile

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.