Coign Capital Advisors LLC Invests $609,000 in The Progressive Co. (NYSE:PGR)

Coign Capital Advisors LLC acquired a new stake in The Progressive Co. (NYSE:PGR) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,543 shares of the insurance provider’s stock, valued at approximately $609,000.

Other hedge funds have also added to or reduced their stakes in the company. Harbert Fund Advisors Inc. increased its holdings in shares of Progressive by 62.5% in the fourth quarter. Harbert Fund Advisors Inc. now owns 3,250 shares of the insurance provider’s stock worth $779,000 after acquiring an additional 1,250 shares in the last quarter. Covestor Ltd increased its stake in Progressive by 14.9% during the 4th quarter. Covestor Ltd now owns 771 shares of the insurance provider’s stock worth $185,000 after purchasing an additional 100 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in Progressive by 0.9% during the 4th quarter. Treasurer of the State of North Carolina now owns 293,372 shares of the insurance provider’s stock worth $70,295,000 after buying an additional 2,660 shares during the period. Legacy Financial Advisors Inc. lifted its stake in Progressive by 10.5% in the fourth quarter. Legacy Financial Advisors Inc. now owns 5,239 shares of the insurance provider’s stock valued at $1,255,000 after buying an additional 496 shares in the last quarter. Finally, Scotia Capital Inc. boosted its holdings in shares of Progressive by 33.9% in the fourth quarter. Scotia Capital Inc. now owns 11,414 shares of the insurance provider’s stock valued at $2,735,000 after buying an additional 2,890 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company’s stock, valued at $180,891.35. The trade was a 35.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction 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 approximately $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock worth $14,844,282 over the last quarter. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday. Roth Mkm boosted their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research report on Friday, April 4th. UBS Group lifted their target price on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 14th. Finally, Wells Fargo & Company upped their price target on Progressive from $317.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $281.59.

Progressive Stock Up 1.1 %

PGR stock opened at $273.15 on Friday. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The business’s 50 day simple moving average is $271.29 and its 200 day simple moving average is $257.07. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $160.13 billion, a PE ratio of 18.97, a PEG ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating the consensus estimate 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, research analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

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.