The Progressive Co. (NYSE:PGR) Stake Increased by Synergy Asset Management LLC

Synergy Asset Management LLC grew its stake in shares of The Progressive Co. (NYSE:PGR) by 100.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,541 shares of the insurance provider’s stock after acquiring an additional 1,773 shares during the period. Synergy Asset Management LLC’s holdings in Progressive were worth $875,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Davis Capital Management acquired a new position in Progressive in the third quarter worth about $25,000. Webster Bank N. A. bought a new position in Progressive during the 4th quarter worth approximately $26,000. DiNuzzo Private Wealth Inc. grew its position in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Kimelman & Baird LLC bought a new stake in shares of Progressive in the 2nd quarter valued at approximately $36,000. Finally, Friedenthal Financial acquired a new stake in shares of Progressive during the 3rd quarter valued at approximately $49,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the 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 completion of the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,506 shares of company stock worth $10,531,159. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.5 %

Progressive stock opened at $246.25 on Thursday. The Progressive Co. has a 12-month low of $175.50 and a 12-month high of $270.62. The stock has a market capitalization of $144.26 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The firm has a 50 day simple moving average of $247.89 and a 200-day simple moving average of $244.25. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

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 33.10% and a net margin of 11.27%. As a group, equities research analysts expect that The Progressive Co. will post 13.51 EPS for the current fiscal year.

Progressive Announces Dividend

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

Analyst Ratings Changes

Several analysts have weighed in on PGR shares. Barclays lowered their target price on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research note on Tuesday, December 10th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods cut their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Finally, Evercore ISI upped their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

About Progressive

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.