Principal Securities Inc. Invests $2.62 Million in The Progressive Co. (NYSE:PGR)

Principal Securities Inc. acquired a new stake in shares of The Progressive Co. (NYSE:PGRFree Report) in the 4th quarter, HoldingsChannel reports. The firm acquired 16,475 shares of the insurance provider’s stock, valued at approximately $2,624,000.

A number of other large investors have also recently modified their holdings of PGR. Valley National Advisers Inc. lifted its stake in shares of Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Progressive during the 4th quarter valued at about $39,000. Criterion Capital Advisors LLC acquired a new stake in Progressive during the fourth quarter worth approximately $47,000. BOK Financial Private Wealth Inc. bought a new stake in Progressive in the fourth quarter worth approximately $48,000. Finally, Webster Bank N. A. acquired a new position in Progressive in the fourth quarter valued at approximately $53,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR traded up $2.07 during trading hours on Friday, reaching $215.79. 2,128,380 shares of the company were exchanged, compared to its average volume of 2,940,918. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $126.39 billion, a P/E ratio of 22.09, a P/E/G ratio of 0.85 and a beta of 0.34. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77. The business’s 50 day simple moving average is $206.17 and its 200-day simple moving average is $181.21.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the company earned $0.65 earnings per share. Progressive’s revenue was up 17.7% compared to the same quarter last year. On average, equities research analysts expect that The Progressive Co. will post 11.34 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. Investors of record on Thursday, April 4th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In related news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction 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 in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold a total of 39,139 shares of company stock worth $7,458,139 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Morgan Stanley upped their price objective on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. raised their target price on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. The Goldman Sachs Group upped their price target on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. Finally, BMO Capital Markets upped their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $211.88.

Check Out Our Latest Stock Report on Progressive

About Progressive

(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.

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Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRFree Report).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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