The Progressive Corporation $PGR Shares Bought by DAVENPORT & Co LLC

DAVENPORT & Co LLC grew its holdings in The Progressive Corporation (NYSE:PGR) by 20.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 19,023 shares of the insurance provider’s stock after acquiring an additional 3,219 shares during the quarter. DAVENPORT & Co LLC’s holdings in Progressive were worth $4,075,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Davis Capital Management acquired a new position in Progressive in the 3rd quarter valued at about $25,000. Dagco Inc. purchased a new stake in Progressive during the 4th quarter valued at approximately $28,000. Ameriflex Group Inc. lifted its position in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Howard Hughes Medical Institute purchased a new position in shares of Progressive in the 2nd quarter valued at approximately $34,000. Finally, TruNorth Capital Management LLC grew its stake in shares of Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 11,687 shares of company stock worth $2,413,044. 0.34% of the stock is currently owned by insiders.

Progressive Stock Down 2.2%

Progressive stock opened at $198.41 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $289.96. The company has a market cap of $116.06 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 5.86 and a beta of 0.33. The stock’s 50 day moving average price is $205.72 and its 200 day moving average price is $219.65.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.08%.

Wall Street Analysts Forecast Growth

PGR has been the subject of several analyst reports. The Goldman Sachs Group restated a “buy” rating and set a $225.00 price target on shares of Progressive in a research note on Monday, February 23rd. Jefferies Financial Group lowered their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research report on Tuesday. Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Roth Mkm set a $235.00 price objective on shares of Progressive in a research report on Thursday, February 19th. Finally, BMO Capital Markets reduced their target price on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research note on Wednesday, March 11th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $239.22.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.