Catalyst Financial Partners LLC Has $793,000 Stake in The Progressive Co. (NYSE:PGR)

Catalyst Financial Partners LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 11.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 4,979 shares of the insurance provider’s stock after selling 631 shares during the period. Catalyst Financial Partners LLC’s holdings in Progressive were worth $793,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in PGR. Valley National Advisers Inc. raised its stake in shares of Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares in the last quarter. Pinnacle Bancorp Inc. bought a new position in shares of Progressive during the 4th quarter worth about $39,000. Criterion Capital Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter valued at about $47,000. BOK Financial Private Wealth Inc. bought a new stake in Progressive in the fourth quarter valued at about $48,000. Finally, Webster Bank N. A. acquired a new position in Progressive in the fourth quarter worth about $53,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,139 shares of company stock valued at $7,458,139. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PGR shares. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. Citigroup boosted their target price on shares of Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Bank of America dropped their target price on shares of Progressive from $279.00 to $273.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. TD Cowen assumed coverage on shares of Progressive in a research report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target on the stock. Finally, Jefferies Financial Group raised their price objective on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, April 15th. One equities 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 company’s stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $211.88.

Progressive Stock Down 1.0 %

Shares of PGR traded down $2.18 during mid-day trading on Thursday, hitting $213.72. 1,923,243 shares of the company’s stock were exchanged, compared to its average volume of 2,593,481. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77. The company has a market cap of $125.18 billion, a PE ratio of 21.88, a P/E/G ratio of 0.82 and a beta of 0.34. The company has a 50-day simple moving average of $205.69 and a 200 day simple moving average of $180.98.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter last year, the firm earned $0.65 earnings per share. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. On average, research analysts forecast that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

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.