Ibex Wealth Advisors Purchases New Position in Progressive Corp (NYSE:PGR)

Ibex Wealth Advisors purchased a new stake in Progressive Corp (NYSE:PGR) in the 4th quarter, HoldingsChannel reports. The firm purchased 14,406 shares of the insurance provider’s stock, valued at approximately $1,043,000.

Several other institutional investors have also made changes to their positions in PGR. Hardy Reed LLC increased its stake in Progressive by 6.0% during the 4th quarter. Hardy Reed LLC now owns 8,801 shares of the insurance provider’s stock worth $637,000 after buying an additional 500 shares in the last quarter. Advisor Partners LLC increased its stake in Progressive by 1.9% during the 4th quarter. Advisor Partners LLC now owns 13,591 shares of the insurance provider’s stock worth $1,029,000 after buying an additional 255 shares in the last quarter. Rothschild Investment Corp IL increased its stake in Progressive by 65.0% during the 4th quarter. Rothschild Investment Corp IL now owns 18,230 shares of the insurance provider’s stock worth $1,320,000 after buying an additional 7,180 shares in the last quarter. Mercator Fund Cayman Master LP purchased a new stake in Progressive during the 4th quarter worth approximately $9,193,000. Finally, CENTRAL TRUST Co increased its stake in Progressive by 8.4% during the 4th quarter. CENTRAL TRUST Co now owns 20,611 shares of the insurance provider’s stock worth $1,492,000 after buying an additional 1,598 shares in the last quarter. Hedge funds and other institutional investors own 78.53% of the company’s stock.

PGR traded up $0.05 during trading hours on Friday, reaching $76.50. The company’s stock had a trading volume of 82,156 shares, compared to its average volume of 2,864,921. Progressive Corp has a fifty-two week low of $64.14 and a fifty-two week high of $84.96. The stock has a market cap of $44.53 billion, a PE ratio of 14.31, a P/E/G ratio of 1.92 and a beta of 0.64. The business’s 50-day moving average is $73.36 and its 200-day moving average is $75.16. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. Analysts expect that Progressive Corp will post 5.18 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Wednesday, January 8th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Tuesday, January 7th. Progressive’s dividend payout ratio is presently 9.05%.

In other Progressive news, insider Michael D. Sieger sold 3,356 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $75.00, for a total transaction of $251,700.00. Following the transaction, the insider now directly owns 51,019 shares in the company, valued at $3,826,425. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael D. Sieger sold 3,687 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $73.52, for a total value of $271,068.24. Following the transaction, the insider now owns 51,019 shares in the company, valued at $3,750,916.88. The disclosure for this sale can be found here. Insiders sold 47,817 shares of company stock worth $3,493,237 over the last quarter. 0.39% of the stock is currently owned by insiders.

Several equities research analysts have commented on PGR shares. Goldman Sachs Group lowered Progressive from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 27th. Wells Fargo & Co reiterated a “hold” rating and set a $76.00 price objective on shares of Progressive in a research note on Thursday, November 7th. Raymond James lowered Progressive from a “strong-buy” rating to an “outperform” rating and set a $85.00 price objective for the company. in a research note on Monday, January 13th. Deutsche Bank upgraded Progressive from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a research note on Thursday, January 2nd. Finally, Morgan Stanley lowered Progressive from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $84.00 to $74.00 in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $81.71.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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