BankPlus Wealth Management LLC Takes $908,000 Position in The Progressive Co. (NYSE:PGR)

BankPlus Wealth Management LLC bought a new position in The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,788 shares of the insurance provider’s stock, valued at approximately $908,000. Progressive comprises about 0.7% of BankPlus Wealth Management LLC’s investment portfolio, making the stock its 24th largest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter valued at $25,000. Webster Bank N. A. purchased a new stake in Progressive during the 4th quarter valued at approximately $26,000. DiNuzzo Private Wealth Inc. grew its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares in the last quarter. Kimelman & Baird LLC purchased a new position in shares of Progressive in the second quarter worth $36,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progressive during the third quarter worth $49,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PGR has been the topic of several research analyst reports. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Bank of America lifted their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Wells Fargo & Company increased their price target on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Morgan Stanley lowered their target price on Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday, January 21st. Six 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Insider Transactions at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,506 shares of company stock worth $10,531,159. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

PGR stock opened at $246.83 on Tuesday. 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 Progressive Co. has a 12 month low of $175.50 and a 12 month high of $270.62. The stock has a market cap of $144.60 billion, a PE ratio of 17.94, a P/E/G ratio of 0.62 and a beta of 0.41. The company has a 50-day moving average price of $248.27 and a 200 day moving average price of $243.79.

Progressive Dividend Announcement

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

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.