MBM Wealth Consultants LLC Has $953,000 Position in The Progressive Co. (NYSE:PGR)

MBM Wealth Consultants LLC grew its stake in shares of The Progressive Co. (NYSE:PGRFree Report) by 223.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,982 shares of the insurance provider’s stock after acquiring an additional 4,132 shares during the period. MBM Wealth Consultants LLC’s holdings in Progressive were worth $953,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PGR. Waldron Private Wealth LLC grew its position in Progressive by 1.0% in the fourth quarter. Waldron Private Wealth LLC now owns 21,080 shares of the insurance provider’s stock valued at $3,357,000 after acquiring an additional 205 shares during the period. Strs Ohio raised its stake in shares of Progressive by 3.1% in the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock worth $26,788,000 after acquiring an additional 4,983 shares during the last quarter. Grove Bank & Trust grew its stake in shares of Progressive by 51.7% during the fourth quarter. Grove Bank & Trust now owns 1,056 shares of the insurance provider’s stock valued at $168,000 after purchasing an additional 360 shares during the last quarter. Carnegie Capital Asset Management LLC increased its holdings in shares of Progressive by 3.6% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 280,192 shares of the insurance provider’s stock valued at $44,629,000 after purchasing an additional 9,699 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its position in Progressive by 3.7% in the 4th quarter. Vontobel Holding Ltd. now owns 24,117 shares of the insurance provider’s stock worth $3,841,000 after purchasing an additional 850 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Up 0.8 %

Shares of NYSE:PGR traded up $1.64 during midday trading on Friday, reaching $203.90. 5,368,049 shares of the company were exchanged, compared to its average volume of 2,779,024. The stock has a fifty day simple moving average of $197.15 and a two-hundred day simple moving average of $172.90. The firm has a market cap of $119.42 billion, a PE ratio of 20.87, a P/E/G ratio of 0.88 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.35. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $212.24.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.53. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The company had revenue of $18.96 billion during 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 for the quarter was up 17.7% compared to the same quarter last year. As a group, sell-side analysts forecast that The Progressive Co. will post 10.5 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.20%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 551 shares of the firm’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $93,251.24. Following the completion of the transaction, the insider now owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Andrew J. Quigg sold 551 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold a total of 44,629 shares of company stock valued at $8,348,176 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on PGR. The Goldman Sachs Group lifted their price objective on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research report on Monday, March 25th. Bank of America reduced their price objective on shares of Progressive from $265.00 to $264.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. upped their target price on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Wells Fargo & Company raised their price target on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, 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 report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $196.56.

View Our Latest Research Report on PGR

Progressive Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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