The Progressive Co. (NYSE:PGR) Shares Purchased by Brookstone Capital Management

Brookstone Capital Management boosted its position in The Progressive Co. (NYSE:PGR) by 14.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,210 shares of the insurance provider’s stock after purchasing an additional 155 shares during the quarter. Brookstone Capital Management’s holdings in Progressive were worth $290,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new position in Progressive in the 3rd quarter valued at $25,000. DiNuzzo Private Wealth Inc. raised its stake in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new position in Progressive in the 2nd quarter valued at $36,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Progressive in the 3rd quarter valued at $49,000. Finally, Friedenthal Financial acquired a new position in Progressive in the 3rd quarter valued at $49,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of Progressive stock opened at $243.79 on Friday. The business has a 50-day moving average of $250.18 and a 200 day moving average of $242.27. The Progressive Co. has a 12 month low of $166.92 and a 12 month high of $270.62. The stock has a market capitalization of $142.82 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.91%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PGR shares. JPMorgan Chase & Co. raised their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Barclays cut their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, BMO Capital Markets cut their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.24.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the completion of the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,919 shares of company stock worth $8,222,168 in the last three months. 0.34% of the stock is owned by company insiders.

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.