Genesis Private Wealth LLC Buys New Shares in The Progressive Co. (NYSE:PGR)

Genesis Private Wealth LLC purchased a new position in The Progressive Co. (NYSE:PGR) in the fourth quarter, Holdings Channel.com reports. The firm purchased 1,306 shares of the insurance provider’s stock, valued at approximately $313,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Simon Quick Advisors LLC lifted its holdings in Progressive by 4.8% in the 4th quarter. Simon Quick Advisors LLC now owns 3,983 shares of the insurance provider’s stock worth $954,000 after purchasing an additional 182 shares in the last quarter. Enclave Advisors LLC purchased a new position in shares of Progressive in the fourth quarter worth $236,000. Atomi Financial Group Inc. grew its stake in Progressive by 5.7% during the fourth quarter. Atomi Financial Group Inc. now owns 5,089 shares of the insurance provider’s stock valued at $1,219,000 after acquiring an additional 274 shares in the last quarter. Transform Wealth LLC bought a new stake in Progressive in the 4th quarter valued at $5,799,000. Finally, Chesley Taft & Associates LLC lifted its stake in Progressive by 0.4% in the 4th quarter. Chesley Taft & Associates LLC now owns 12,790 shares of the insurance provider’s stock worth $3,065,000 after purchasing an additional 55 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PGR. Barclays reduced their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. Evercore ISI raised their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. BMO Capital Markets lowered their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Morgan Stanley dropped their price objective on shares of Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

Progressive Stock Performance

Progressive stock opened at $240.64 on Wednesday. The Progressive Co. has a fifty-two week low of $169.57 and a fifty-two week high of $270.62. The company has a market capitalization of $140.97 billion, a PE ratio of 17.49, a P/E/G ratio of 0.63 and a beta of 0.41. The company has a 50 day moving average price of $249.85 and a 200-day moving average price of $242.95. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s payout ratio is 2.91%.

Insider Activity

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,938 shares of company stock worth $7,473,490. Company insiders own 0.34% of the company’s stock.

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.