GAMMA Investing LLC Buys 354 Shares of The Progressive Co. (NYSE:PGR)

GAMMA Investing LLC lifted its position in The Progressive Co. (NYSE:PGR) by 4.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,734 shares of the insurance provider’s stock after acquiring an additional 354 shares during the period. GAMMA Investing LLC’s holdings in Progressive were worth $1,853,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Versor Investments LP bought a new stake in shares of Progressive in the second quarter worth about $208,000. Belpointe Asset Management LLC increased its stake in Progressive by 8.6% during the 2nd quarter. Belpointe Asset Management LLC now owns 3,766 shares of the insurance provider’s stock worth $782,000 after purchasing an additional 298 shares in the last quarter. Hohimer Wealth Management LLC bought a new stake in Progressive during the 2nd quarter worth approximately $760,000. MCF Advisors LLC raised its holdings in Progressive by 8.9% during the 2nd quarter. MCF Advisors LLC now owns 2,077 shares of the insurance provider’s stock worth $432,000 after buying an additional 170 shares during the period. Finally, Arizona State Retirement System boosted its holdings in shares of Progressive by 1.1% in the second quarter. Arizona State Retirement System now owns 169,791 shares of the insurance provider’s stock valued at $35,267,000 after buying an additional 1,904 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,981 shares of company stock valued at $5,816,178. 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. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. Roth Mkm boosted their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. TD Cowen upped their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Morgan Stanley reissued an “overweight” rating and issued a $310.00 target price on shares of Progressive in a research report on Friday, December 13th. Finally, Wells Fargo & Company upped their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $275.94.

Progressive Trading Up 0.7 %

Progressive stock opened at $242.22 on Friday. The stock has a 50-day simple moving average of $251.58 and a 200 day simple moving average of $239.85. The stock has a market capitalization of $141.90 billion, a P/E ratio of 17.60, a PEG ratio of 0.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 52 week low of $161.56 and a 52 week high of $270.62.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Analysts expect that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend is Friday, January 10th. Progressive’s payout ratio is presently 2.91%.

Progressive Company 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.