The Progressive Co. (NYSE:PGR) Shares Acquired by Gallacher Capital Management LLC

Gallacher Capital Management LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 84.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,954 shares of the insurance provider’s stock after purchasing an additional 892 shares during the quarter. Gallacher Capital Management LLC’s holdings in Progressive were worth $468,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at $408,416,000. Geode Capital Management LLC raised its position in Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. Jennison Associates LLC raised its position in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after purchasing an additional 641,943 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its position in Progressive by 36,819.8% in the 4th quarter. Proficio Capital Partners LLC now owns 568,195 shares of the insurance provider’s stock valued at $136,145,000 after purchasing an additional 566,656 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 1.6 %

NYSE PGR opened at $283.87 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The firm has a market cap of $166.41 billion, a PE ratio of 19.71, a P/E/G ratio of 1.70 and a beta of 0.35. The Progressive Co. has a one year low of $201.34 and a one year high of $287.49. The firm’s fifty day moving average is $258.14 and its two-hundred day moving average is $254.03.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive’s dividend payout ratio is currently 2.78%.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was 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 $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,257 shares of company stock valued at $15,752,781. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on PGR. Morgan Stanley raised their target price on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Barclays raised their price objective on shares of Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research note on Thursday, December 26th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a research report on Tuesday, December 10th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $281.76.

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.