Financial Management Professionals Inc. Has $48,000 Stock Position in The Progressive Co. (NYSE:PGR)

Financial Management Professionals Inc. grew its stake in shares of The Progressive Co. (NYSE:PGR) by 69.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 231 shares of the insurance provider’s stock after purchasing an additional 95 shares during the period. Financial Management Professionals Inc.’s holdings in Progressive were worth $48,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PGR. Sachetta LLC acquired a new position in shares of Progressive during the fourth quarter valued at about $25,000. Northwest Bank & Trust Co acquired a new position in shares of Progressive during the fourth quarter valued at about $25,000. Valley National Advisers Inc. raised its holdings in shares of Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 112 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the 1st quarter worth about $32,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Progressive in the 1st quarter worth about $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. Bank of America upped their target price on shares of Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. Roth Mkm reaffirmed a “buy” rating and issued a $235.00 price objective on shares of Progressive in a research report on Wednesday. HSBC upped their price objective on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $235.00 price objective on shares of Progressive in a research report on Monday, June 17th. Finally, The Goldman Sachs Group upped their price objective on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $216.81.

Insider Activity

In other news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the sale, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,518 shares of company stock worth $5,055,674. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Down 1.7 %

Progressive stock opened at $207.71 on Friday. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $217.77. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $121.66 billion, a P/E ratio of 21.26, a P/E/G ratio of 0.82 and a beta of 0.35. The firm has a 50 day moving average price of $209.49 and a 200-day moving average price of $193.41.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the company posted $0.65 EPS. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Co. will post 11.32 EPS for the current year.

Progressive Dividend Announcement

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

About Progressive

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.