MGO One Seven LLC Sells 39 Shares of The Progressive Co. (NYSE:PGR)

MGO One Seven LLC reduced its position in The Progressive Co. (NYSE:PGR) by 0.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,184 shares of the insurance provider’s stock after selling 39 shares during the quarter. MGO One Seven LLC’s holdings in Progressive were worth $5,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Alta Advisers Ltd raised its stake in Progressive by 21.0% in the 4th quarter. Alta Advisers Ltd now owns 1,936 shares of the insurance provider’s stock valued at $464,000 after acquiring an additional 336 shares during the period. Manchester Global Management UK Ltd bought a new stake in shares of Progressive in the fourth quarter valued at approximately $11,933,000. ClearAlpha Technologies LP purchased a new stake in shares of Progressive during the 4th quarter valued at approximately $208,000. Fayez Sarofim & Co boosted its holdings in Progressive by 0.3% in the 4th quarter. Fayez Sarofim & Co now owns 2,240,181 shares of the insurance provider’s stock worth $536,770,000 after buying an additional 6,023 shares during the period. Finally, OneDigital Investment Advisors LLC grew its stake in Progressive by 16.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 19,469 shares of the insurance provider’s stock valued at $4,665,000 after buying an additional 2,733 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PGR shares. Barclays increased their target price on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. BMO Capital Markets increased their price objective on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Jefferies Financial Group reduced their target price on Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a report on Friday, April 11th. Roth Mkm increased their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average target price of $285.76.

Progressive Price Performance

Shares of Progressive stock opened at $265.26 on Wednesday. The firm has a market capitalization of $155.50 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. 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 Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The business’s 50-day moving average price is $274.00 and its 200-day moving average price is $257.97.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive’s payout ratio is presently 2.70%.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 4,669 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $279.70, for a total value of $1,305,919.30. Following the completion of the sale, the insider now owns 15,191 shares of the company’s stock, valued at approximately $4,248,922.70. The trade was a 23.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Carl G. Joyce sold 360 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. The trade was a 35.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,749 shares of company stock valued at $11,786,613 over the last three months. Insiders own 0.33% 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.