Cipher Capital LP purchased a new position in shares of Progressive Corporation (The) (NYSE:PGR) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 46,985 shares of the company’s stock, valued at approximately $1,668,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Armor Investment Advisors LLC purchased a new position in Progressive Corporation (The) during the fourth quarter worth approximately $214,000. Meiji Yasuda Asset Management Co Ltd. raised its position in Progressive Corporation (The) by 30.4% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,537 shares of the company’s stock worth $445,000 after buying an additional 2,920 shares during the period. Wetherby Asset Management Inc. raised its position in Progressive Corporation (The) by 66.4% in the fourth quarter. Wetherby Asset Management Inc. now owns 15,820 shares of the company’s stock worth $562,000 after buying an additional 6,313 shares during the period. Handelsbanken Fonder AB raised its position in Progressive Corporation (The) by 2.4% in the fourth quarter. Handelsbanken Fonder AB now owns 838,617 shares of the company’s stock worth $29,771,000 after buying an additional 20,000 shares during the period. Finally, Commerzbank Aktiengesellschaft FI raised its position in Progressive Corporation (The) by 124.0% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 20,817 shares of the company’s stock worth $739,000 after buying an additional 11,525 shares during the period. Hedge funds and other institutional investors own 76.70% of the company’s stock.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

Progressive Corporation (NYSE:PGR) opened at 38.61 on Friday. The stock’s 50 day moving average is $36.81 and its 200-day moving average is $33.72. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $38.61. The firm has a market capitalization of $22.39 billion, a price-to-earnings ratio of 21.94 and a beta of 0.75.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 25th. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.15. Progressive Corporation (The) had a net margin of 4.40% and a return on equity of 12.59%. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same period last year, the firm earned $0.56 earnings per share. Progressive Corporation (The)’s revenue for the quarter was up 14.7% compared to the same quarter last year. Equities analysts anticipate that Progressive Corporation will post $2.10 earnings per share for the current fiscal year.

The firm also recently declared an annual dividend, which was paid on Friday, February 10th. Investors of record on Friday, February 3rd were given a dividend of $0.681 per share. The ex-dividend date of this dividend was Wednesday, February 1st. Progressive Corporation (The)’s dividend payout ratio is 38.42%.

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A number of research firms have commented on PGR. Credit Suisse Group restated a “sell” rating and issued a $33.00 price target on shares of Progressive Corporation (The) in a research report on Friday. Zacks Investment Research upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, January 17th. Goldman Sachs Group, Inc. (The) upgraded shares of Progressive Corporation (The) from a “sell” rating to a “neutral” rating and boosted their price target for the company from $29.00 to $34.00 in a research report on Tuesday, January 10th. Finally, Morgan Stanley upgraded shares of Progressive Corporation (The) from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $31.00 to $36.00 in a research report on Thursday, January 5th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $33.81.

In related news, insider Valerie A. Krasowski sold 10,500 shares of the firm’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $35.78, for a total transaction of $375,690.00. Following the transaction, the insider now directly owns 145,810 shares of the company’s stock, valued at $5,217,081.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.60% of the stock is currently owned by company insiders.

Progressive Corporation (The) Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through Personal Lines, Commercial Lines and Property segments.

5 Day Chart for NYSE:PGR

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