Xponance Inc. Purchases 1,125 Shares of The Progressive Co. (NYSE:PGR)

Xponance Inc. grew its position in shares of The Progressive Co. (NYSE:PGR) by 0.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 129,043 shares of the insurance provider’s stock after buying an additional 1,125 shares during the quarter. Xponance Inc.’s holdings in Progressive were worth $20,554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC bought a new position in Progressive in the 4th quarter worth $840,885,000. Norges Bank bought a new position in Progressive in the 4th quarter worth $802,968,000. Wellington Management Group LLP raised its holdings in Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. Morgan Stanley raised its holdings in Progressive by 25.4% in the 4th quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after purchasing an additional 1,361,665 shares during the period. Finally, Invesco Ltd. raised its holdings in Progressive by 31.8% in the 3rd quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock worth $666,004,000 after purchasing an additional 1,154,591 shares during the period. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PGR has been the subject of a number of analyst reports. Morgan Stanley increased their price target on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods raised their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. raised their price objective on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. The Goldman Sachs Group raised their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Finally, Bank of America dropped their price target on Progressive from $279.00 to $273.00 and set a “buy” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $211.88.

Insider Activity

In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred 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 $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred 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 $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.3 %

NYSE PGR traded up $0.63 during trading on Thursday, hitting $209.75. The stock had a trading volume of 2,116,372 shares, compared to its average volume of 2,597,995. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The stock has a market capitalization of $122.85 billion, a price-to-earnings ratio of 21.40, a P/E/G ratio of 0.84 and a beta of 0.35. The Progressive Co. has a one year low of $111.41 and a one year high of $212.24. The stock has a 50 day simple moving average of $198.74 and a 200 day simple moving average of $174.33.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.65 earnings per share. Sell-side analysts predict that The Progressive Co. will post 11.09 earnings per share for the current year.

Progressive Dividend Announcement

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