The Progressive Co. (NYSE:PGR) Shares Bought by Tidal Investments LLC

Tidal Investments LLC boosted its stake in The Progressive Co. (NYSE:PGR) by 65.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,163 shares of the insurance provider’s stock after acquiring an additional 28,636 shares during the period. Tidal Investments LLC’s holdings in Progressive were worth $18,312,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Wealth Enhancement Advisory Services LLC lifted its position in Progressive by 17.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 76,709 shares of the insurance provider’s stock valued at $15,933,000 after purchasing an additional 11,327 shares during the period. Great Valley Advisor Group Inc. acquired a new stake in shares of Progressive during the second quarter valued at $347,000. ORG Partners LLC raised its stake in Progressive by 3,150.0% in the 2nd quarter. ORG Partners LLC now owns 2,080 shares of the insurance provider’s stock valued at $436,000 after purchasing an additional 2,016 shares during the last quarter. Swedbank AB boosted its stake in shares of Progressive by 12.7% during the 2nd quarter. Swedbank AB now owns 636,757 shares of the insurance provider’s stock worth $132,261,000 after purchasing an additional 71,762 shares during the last quarter. Finally, Fiduciary Financial Group LLC acquired a new position in shares of Progressive in the second quarter valued at approximately $303,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,839 shares of company stock valued at $6,718,965 over the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR traded up $0.89 during trading hours on Thursday, hitting $244.62. The company had a trading volume of 302,250 shares, compared to its average volume of 2,466,702. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62. The firm has a market cap of $143.30 billion, a P/E ratio of 17.71, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $254.17 and a 200-day simple moving average of $236.18.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities analysts predict that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, January 9th. Progressive’s dividend payout ratio is presently 2.91%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PGR shares. The Goldman Sachs Group boosted their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. boosted their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. TD Cowen lifted their price target on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Finally, Bank of America raised their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $270.69.

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.