The Progressive Co. (NYSE:PGR) Shares Acquired by NEOS Investment Management LLC

NEOS Investment Management LLC increased its stake in shares of The Progressive Co. (NYSE:PGR) by 31.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,983 shares of the insurance provider’s stock after purchasing an additional 8,609 shares during the period. NEOS Investment Management LLC’s holdings in Progressive were worth $8,622,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Webster Bank N. A. purchased a new stake in shares of Progressive in the fourth quarter valued at $26,000. Hager Investment Management Services LLC acquired a new position in Progressive in the 4th quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the last quarter. Valley National Advisers Inc. lifted its holdings in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. Finally, Atala Financial Inc purchased a new position in shares of Progressive during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.7 %

NYSE:PGR opened at $272.49 on Thursday. 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 Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The business’s 50-day simple moving average is $264.03 and its 200 day simple moving average is $255.49. The stock has a market cap of $159.74 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.

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, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio is presently 2.78%.

Analyst Ratings Changes

A number of brokerages have recently commented on PGR. UBS Group lifted their price objective on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 14th. BMO Capital Markets decreased their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Barclays increased their target price on Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 13th. Finally, Roth Mkm upped their price target on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $281.06.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now owns 282,958 shares in the company, valued at $67,530,756.28. The trade was a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction dated 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 owns 33,612 shares in the company, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,255 shares of company stock worth $16,877,471. 0.34% of the stock is currently owned by corporate insiders.

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.