Register Financial Advisors LLC Purchases New Position in The Progressive Co. (NYSE:PGR)

Register Financial Advisors LLC purchased a new stake in The Progressive Co. (NYSE:PGR) during the first quarter, according to its most recent filing with the SEC. The firm purchased 168 shares of the insurance provider’s stock, valued at approximately $35,000.

A number of other hedge funds have also modified their holdings of PGR. Trexquant Investment LP acquired a new stake in shares of Progressive in the 3rd quarter valued at approximately $1,468,000. Bamco Inc. NY increased its stake in Progressive by 4.0% during the 3rd quarter. Bamco Inc. NY now owns 13,000 shares of the insurance provider’s stock worth $1,811,000 after purchasing an additional 500 shares in the last quarter. CWA Asset Management Group LLC increased its stake in Progressive by 29.3% during the 3rd quarter. CWA Asset Management Group LLC now owns 2,409 shares of the insurance provider’s stock worth $336,000 after purchasing an additional 546 shares in the last quarter. Ancora Advisors LLC increased its stake in Progressive by 1.4% during the 3rd quarter. Ancora Advisors LLC now owns 18,984 shares of the insurance provider’s stock worth $2,644,000 after purchasing an additional 266 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its stake in Progressive by 10.3% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 88,227 shares of the insurance provider’s stock worth $12,290,000 after purchasing an additional 8,227 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. Insiders sold 24,518 shares of company stock valued at $5,055,674 in the last quarter. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

NYSE:PGR opened at $207.71 on Friday. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $217.77. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $209.49 and a 200 day simple moving average of $193.41. The stock has a market capitalization of $121.66 billion, a PE ratio of 21.26, a P/E/G ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period last 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, research analysts expect that The Progressive Co. will post 11.32 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio is 4.09%.

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. Citigroup increased their target price on Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. BMO Capital Markets reissued an “outperform” rating and set a $235.00 target price on shares of Progressive in a research note on Monday, June 17th. JPMorgan Chase & Co. increased their target price on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Roth Mkm reaffirmed a “buy” rating and set a $235.00 price target on shares of Progressive in a research note on Wednesday. Finally, Keefe, Bruyette & Woods raised their price target on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus target price of $216.81.

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.