HB Wealth Management LLC Grows Stock Holdings in The Progressive Co. (NYSE:PGR)

HB Wealth Management LLC lifted its position in The Progressive Co. (NYSE:PGR) by 16.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,578 shares of the insurance provider’s stock after purchasing an additional 3,281 shares during the quarter. HB Wealth Management LLC’s holdings in Progressive were worth $5,650,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its stake in Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after buying an additional 315,411 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the last quarter. FMR LLC raised its position in Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after purchasing an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after purchasing an additional 330,667 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after buying an additional 92,212 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price objective on shares of Progressive in a report on Friday, December 13th. Evercore ISI lifted their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Wells Fargo & Company lifted their target price on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Finally, Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $275.24.

Progressive Trading Down 0.7 %

PGR opened at $243.79 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 52 week low of $166.92 and a 52 week high of $270.62. The stock has a market cap of $142.82 billion, a PE ratio of 17.72, a PEG ratio of 0.61 and a beta of 0.41. The business has a 50 day moving average of $250.18 and a 200-day moving average of $242.27.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.91%.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,919 shares of company stock worth $8,222,168 in the last three months. 0.34% of the stock is owned by corporate insiders.

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.