Perigon Wealth Management LLC Purchases 70 Shares of The Progressive Co. (NYSE:PGR)

Perigon Wealth Management LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,231 shares of the insurance provider’s stock after purchasing an additional 70 shares during the period. Perigon Wealth Management LLC’s holdings in Progressive were worth $515,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in shares of Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after acquiring an additional 2,666,449 shares during the last quarter. Alliancebernstein L.P. grew its position in Progressive by 4.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock worth $1,291,249,000 after acquiring an additional 403,527 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Progressive by 10.5% during the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after purchasing an additional 655,706 shares in the last quarter. Morgan Stanley grew its holdings in shares of Progressive by 25.4% during the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after purchasing an additional 1,361,665 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC acquired a new position in shares of Progressive in the fourth quarter valued at approximately $840,885,000. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

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 stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Susan Patricia Griffith sold 5,939 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the sale, the chief executive officer now owns 465,737 shares of the company’s stock, valued at approximately $78,821,329.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,629 shares of company stock valued at $8,348,176. Insiders own 0.34% of the company’s stock.

Progressive Trading Up 1.3 %

Shares of Progressive stock opened at $206.59 on Tuesday. The company’s 50-day moving average price is $197.64 and its 200-day moving average price is $173.59. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The company has a market cap of $121.00 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 0.86 and a beta of 0.35. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $212.24.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS 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 business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the previous year, the business earned $0.65 earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. On average, equities analysts expect that The Progressive Co. will post 10.5 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. BMO Capital Markets upped their price objective on shares of Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. TD Cowen assumed coverage on Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price objective on the stock. The Goldman Sachs Group lifted their target price on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $208.31.

Progressive Company 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.