Parkside Financial Bank & Trust grew its position in The Progressive Co. (NYSE:PGR – Get Rating) by 2.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,753 shares of the insurance provider’s stock after purchasing an additional 95 shares during the period. Parkside Financial Bank & Trust’s holdings in Progressive were worth $542,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of PGR. Joseph Group Capital Management purchased a new stake in shares of Progressive during the 4th quarter valued at about $968,000. Blume Capital Management Inc. purchased a new stake in shares of Progressive during the 1st quarter valued at about $25,000. Rational Advisors LLC raised its holdings in shares of Progressive by 132.7% during the 4th quarter. Rational Advisors LLC now owns 249 shares of the insurance provider’s stock valued at $26,000 after buying an additional 142 shares during the period. Cornerstone Advisory LLC purchased a new stake in shares of Progressive during the 4th quarter valued at about $30,000. Finally, Byrne Asset Management LLC purchased a new stake in shares of Progressive during the 4th quarter valued at about $31,000. 85.05% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on PGR shares. Keefe, Bruyette & Woods upgraded Progressive from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $96.00 to $107.00 in a report on Thursday, June 23rd. Jefferies Financial Group lifted their price objective on Progressive from $106.00 to $125.00 and gave the stock a “hold” rating in a report on Tuesday, July 12th. Barclays lifted their price objective on Progressive from $90.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, August 18th. Citigroup initiated coverage on Progressive in a report on Monday, May 23rd. They set a “sell” rating and a $93.00 price objective on the stock. Finally, Morgan Stanley boosted their price target on Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a report on Friday, August 19th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $118.08.
Progressive Trading Up 1.6 %
Progressive Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.31%. Progressive’s dividend payout ratio (DPR) is 28.57%.
Progressive announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 18th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, insider Andrew J. Quigg sold 3,180 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now owns 24,061 shares in the company, valued at $3,042,032.23. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.37% of the company’s stock.
Progressive Company Profile
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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