The Progressive Co. (NYSE:PGR) Shares Bought by New Republic Capital LLC

New Republic Capital LLC increased its stake in The Progressive Co. (NYSE:PGR) by 9.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,034 shares of the insurance provider’s stock after acquiring an additional 86 shares during the quarter. New Republic Capital LLC’s holdings in Progressive were worth $248,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Raleigh Capital Management Inc. lifted its holdings in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the last quarter. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares in the last quarter. LRI Investments LLC raised its stake in shares of Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 42 shares during the last quarter. SYM FINANCIAL Corp boosted its holdings in shares of Progressive by 2.8% in the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after acquiring an additional 44 shares in the last quarter. Finally, Castleview Partners LLC grew its position in Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.4 %

NYSE PGR opened at $249.61 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The stock’s 50-day moving average is $245.24 and its 200-day moving average is $246.02. The Progressive Co. has a one year low of $180.72 and a one year high of $270.62. The firm has a market cap of $146.22 billion, a P/E ratio of 17.33, a P/E/G ratio of 0.64 and a beta of 0.42.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts anticipate that The Progressive Co. will post 14.44 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is 2.78%.

Insider Activity

In related news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lori A. Niederst sold 3,855 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the completion of the sale, the insider now directly owns 39,040 shares of the company’s stock, valued at approximately $9,645,222.40. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock worth $13,983,575 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Morgan Stanley lifted their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Evercore ISI increased their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upped their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods dropped their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Finally, Wells Fargo & Company upped their target price on shares of Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average target price of $275.71.

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.