Revolve Wealth Partners LLC Makes New $269,000 Investment in The Progressive Co. (NYSE:PGR)

Revolve Wealth Partners LLC bought a new stake in The Progressive Co. (NYSE:PGR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,122 shares of the insurance provider’s stock, valued at approximately $269,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PGR. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at $25,000. Webster Bank N. A. bought a new position in Progressive during the fourth quarter valued at about $26,000. DiNuzzo Private Wealth Inc. increased its holdings in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Kimelman & Baird LLC bought a new stake in Progressive in the second quarter worth about $36,000. Finally, Friedenthal Financial purchased a new position in Progressive in the third quarter valued at about $49,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on PGR. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a report on Thursday, December 26th. Evercore ISI upped their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. Jefferies Financial Group upped their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $274.65.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 11,021 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $115,255,231.44. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,506 shares of company stock valued at $10,531,159 in the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $244.86 on Wednesday. The Progressive Co. has a 12-month low of $175.50 and a 12-month high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $143.44 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The stock has a 50-day moving average price of $248.08 and a 200-day moving average price of $244.03.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 2.91%.

About Progressive

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.