Manchester Capital Management LLC Purchases 130 Shares of The Progressive Co. (NYSE:PGR)

Manchester Capital Management LLC lifted its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 6.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,280 shares of the insurance provider’s stock after acquiring an additional 130 shares during the quarter. Manchester Capital Management LLC’s holdings in Progressive were worth $363,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PGR. Wellington Management Group LLP increased its stake in shares of Progressive by 14.1% in the third 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 in the last quarter. Invesco Ltd. lifted its position in shares of Progressive by 31.8% during the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock worth $666,004,000 after acquiring an additional 1,154,591 shares in the last quarter. Parnassus Investments LLC boosted its holdings in shares of Progressive by 102.9% in the third quarter. Parnassus Investments LLC now owns 2,131,601 shares of the insurance provider’s stock worth $296,932,000 after acquiring an additional 1,080,834 shares during the period. J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Progressive in the third quarter worth $88,528,000. Finally, Los Angeles Capital Management LLC grew its position in shares of Progressive by 279.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock valued at $129,237,000 after purchasing an additional 597,401 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. HSBC boosted their price target on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. BMO Capital Markets lifted their price objective on Progressive from $234.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday. Wells Fargo & Company upped their target price on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, UBS Group raised their price target on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $214.88.

Read Our Latest Stock Analysis on Progressive

Progressive Trading Up 1.1 %

Progressive stock traded up $2.21 during mid-day trading on Friday, hitting $209.22. The company’s stock had a trading volume of 2,005,043 shares, compared to its average volume of 2,553,989. The business has a 50 day moving average price of $208.37 and a 200-day moving average price of $183.74. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77. The stock has a market cap of $122.54 billion, a price-to-earnings ratio of 21.41, a price-to-earnings-growth ratio of 0.80 and a beta of 0.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last issued its earnings results 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. The company had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.65 EPS. As a group, analysts forecast that The Progressive Co. will post 11.46 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders sold 46,500 shares of company stock valued at $8,983,706 in the last quarter. Company insiders own 0.34% of the company’s stock.

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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