Brighton Jones LLC Invests $288,000 in The Progressive Co. (NYSE:PGR)

Brighton Jones LLC acquired a new stake in The Progressive Co. (NYSE:PGR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,811 shares of the insurance provider’s stock, valued at approximately $288,000.

Several other hedge funds and other institutional investors have also modified their holdings of PGR. Compass Ion Advisors LLC grew its position in Progressive by 0.8% in the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its position in shares of Progressive by 10.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 62 shares during the period. Quent Capital LLC raised its stake in shares of Progressive by 19.3% in the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 69 shares in the last quarter. BSW Wealth Partners lifted its position in Progressive by 4.2% in the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after purchasing an additional 69 shares during the period. Finally, Invesco LLC boosted its stake in Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. BMO Capital Markets raised their price target on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Keefe, Bruyette & Woods upped their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. raised their target price on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $211.88.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 over the last 90 days. 0.34% of the stock is owned by company insiders.

Progressive Trading Down 0.1 %

PGR opened at $208.72 on Friday. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $216.21. The stock has a market capitalization of $122.25 billion, a PE ratio of 21.36, a PEG ratio of 0.82 and a beta of 0.34. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $203.96 and a two-hundred day moving average price of $179.25.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating 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 firm earned $0.65 earnings per share. Progressive’s revenue was up 17.7% compared to the same quarter last year. As a group, equities analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s payout ratio is currently 4.09%.

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.