Choreo LLC Increases Position in The Progressive Co. (NYSE:PGR)

Choreo LLC boosted its holdings in The Progressive Co. (NYSE:PGR) by 127.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,496 shares of the insurance provider’s stock after purchasing an additional 4,765 shares during the quarter. Choreo LLC’s holdings in Progressive were worth $1,353,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Compass Ion Advisors LLC grew its holdings in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Progressive by 10.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares during the last quarter. Quent Capital LLC grew its holdings in shares of Progressive by 19.3% during the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after buying an additional 69 shares during the last quarter. BSW Wealth Partners grew its holdings in shares of Progressive by 4.2% during the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after buying an additional 69 shares during the last quarter. Finally, Invesco LLC grew its holdings in shares of Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s 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 transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock worth $7,458,139 in the last three months. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PGR. JPMorgan Chase & Co. increased their price target on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Morgan Stanley increased their price target on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. BMO Capital Markets increased their price objective on shares of Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. The Goldman Sachs Group increased their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Finally, HSBC increased their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $211.88.

Progressive Stock Up 0.8 %

PGR opened at $208.25 on Wednesday. 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 Progressive Co. has a 1-year low of $111.41 and a 1-year high of $216.21. The company has a market capitalization of $121.97 billion, a PE ratio of 21.32, a PEG ratio of 0.81 and a beta of 0.35. The firm’s 50 day simple moving average is $203.18 and its two-hundred day simple moving average is $178.82.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period last year, the firm earned $0.65 EPS. As a group, equities analysts forecast that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The company 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. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

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.