Choate Investment Advisors boosted its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 105.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 54,669 shares of the insurance provider’s stock after buying an additional 28,036 shares during the quarter. Choate Investment Advisors’ holdings in Progressive were worth $13,099,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in Progressive in the 4th quarter worth $408,416,000. Geode Capital Management LLC raised its holdings in Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. Jennison Associates LLC raised its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after purchasing an additional 641,943 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its holdings in Progressive by 36,819.8% in the 4th quarter. Proficio Capital Partners LLC now owns 568,195 shares of the insurance provider’s stock worth $136,145,000 after purchasing an additional 566,656 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.
Insider Activity
In other news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. This represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,257 shares of company stock valued at $15,752,781 in the last 90 days. 0.34% of the stock is currently owned by insiders.
Progressive Stock Performance
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.
Progressive Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s payout ratio is presently 2.78%.
Analysts Set New Price Targets
PGR has been the subject of several research reports. Roth Mkm upped their price objective on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research note on Thursday, December 26th. BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $281.76.
Read Our Latest Stock Report on PGR
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.
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