Geneva Partners LLC Invests $734,000 in The Progressive Co. (NYSE:PGR)

Geneva Partners LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,611 shares of the insurance provider’s stock, valued at approximately $734,000.

Other hedge funds have also added to or reduced their stakes in the company. Markel Corp lifted its stake in Progressive by 4.1% in the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after purchasing an additional 29,750 shares during the last quarter. Roundview Capital LLC increased its holdings in shares of Progressive by 0.8% during the 1st quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock worth $5,595,000 after acquiring an additional 381 shares during the last quarter. Cibc World Market Inc. increased its holdings in shares of Progressive by 3.9% during the 1st quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock worth $763,000 after acquiring an additional 254 shares during the last quarter. Moors & Cabot Inc. raised its stake in Progressive by 8.0% in the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after acquiring an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its holdings in Progressive by 103.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after purchasing an additional 3,571 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Progressive news, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of NYSE:PGR traded up $4.94 during trading on Friday, hitting $214.69. 4,190,337 shares of the company were exchanged, compared to its average volume of 2,618,959. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $215.18. The company has a market capitalization of $125.74 billion, a P/E ratio of 21.97, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $199.92 and its 200-day moving average is $175.10.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. Equities analysts forecast that The Progressive Co. will post 11.16 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is presently 4.09%.

Analyst Ratings Changes

A number of research firms have recently issued reports on PGR. Roth Mkm raised their target price on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. HSBC upped their target price on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Wells Fargo & Company lifted their target price on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Piper Sandler restated an “overweight” rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Finally, The Goldman Sachs Group lifted their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $211.88.

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.