The Progressive Co. (NYSE:PGR) Shares Acquired by Advisory Alpha LLC

Advisory Alpha LLC increased its stake in The Progressive Co. (NYSE:PGR) by 13.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 936 shares of the insurance provider’s stock after acquiring an additional 112 shares during the period. Advisory Alpha LLC’s holdings in Progressive were worth $224,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Insigneo Advisory Services LLC raised its stake in Progressive by 22.5% in the second quarter. Insigneo Advisory Services LLC now owns 6,636 shares of the insurance provider’s stock valued at $1,400,000 after buying an additional 1,218 shares in the last quarter. Caxton Associates LP acquired a new stake in Progressive in the second quarter valued at $582,000. AlTi Global Inc. raised its stake in Progressive by 33.2% in the second quarter. AlTi Global Inc. now owns 1,771 shares of the insurance provider’s stock valued at $368,000 after buying an additional 441 shares in the last quarter. AQR Capital Management LLC raised its stake in Progressive by 61.9% in the second quarter. AQR Capital Management LLC now owns 993,835 shares of the insurance provider’s stock valued at $206,429,000 after buying an additional 380,118 shares in the last quarter. Finally, Disciplined Equity Management Inc. acquired a new stake in Progressive in the second quarter valued at $831,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on PGR. Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Wells Fargo & Company raised their price objective on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. JPMorgan Chase & Co. raised their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. TD Cowen raised their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Finally, Evercore ISI raised their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $274.65.

Progressive Price Performance

PGR stock opened at $239.58 on Friday. The firm has a 50 day moving average of $248.98 and a 200-day moving average of $243.14. The Progressive Co. has a 12-month low of $175.50 and a 12-month high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $140.35 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 0.63 and a beta of 0.41.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s dividend payout ratio is currently 2.91%.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,506 shares of company stock worth $10,531,159 in the last ninety days. Insiders own 0.34% of the company’s stock.

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.