Bank of Montreal Can increased its holdings in Progressive Corp (NYSE:PGR) by 35.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,273,063 shares of the insurance provider’s stock after purchasing an additional 850,970 shares during the quarter. Bank of Montreal Can owned 0.56% of Progressive worth $197,463,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Rehmann Capital Advisory Group lifted its stake in shares of Progressive by 88.5% in the third quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock worth $51,000 after buying an additional 339 shares in the last quarter. Legacy Financial Advisors Inc. raised its holdings in shares of Progressive by 19.5% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,541 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 251 shares during the last quarter. Capital Advisors Ltd. LLC raised its holdings in shares of Progressive by 409.1% during the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 1,125 shares during the last quarter. ELM Advisors LLC purchased a new position in shares of Progressive during the third quarter valued at approximately $107,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Progressive during the third quarter valued at approximately $112,000. Institutional investors own 82.13% of the company’s stock.
Shares of PGR opened at $70.80 on Thursday. Progressive Corp has a twelve month low of $53.57 and a twelve month high of $73.69. The firm has a market capitalization of $41.26 billion, a PE ratio of 16.02, a PEG ratio of 1.86 and a beta of 0.75. The company has a current ratio of 0.32, a quick ratio of 0.42 and a debt-to-equity ratio of 0.41.
The business also recently declared an annual dividend, which was paid on Monday, February 11th. Investors of record on Monday, February 4th were paid a $2.514 dividend. This represents a yield of 3.85%. The ex-dividend date of this dividend was Friday, February 1st. This is an increase from Progressive’s previous annual dividend of $1.12. Progressive’s dividend payout ratio (DPR) is currently 56.79%.
A number of brokerages have commented on PGR. Wells Fargo & Co set a $73.00 target price on shares of Progressive and gave the company a “hold” rating in a report on Thursday. Credit Suisse Group reduced their target price on shares of Progressive from $79.00 to $74.00 and set a “buy” rating for the company in a report on Thursday, December 20th. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Wednesday, January 2nd. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Finally, Raymond James increased their price objective on shares of Progressive from $82.00 to $85.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 17th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $71.86.
In related news, insider M Jeffrey Charney sold 18,000 shares of the firm’s stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $66.58, for a total value of $1,198,440.00. Following the transaction, the insider now owns 145,304 shares of the company’s stock, valued at approximately $9,674,340.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John A. Barbagallo sold 5,948 shares of the firm’s stock in a transaction dated Thursday, January 3rd. The shares were sold at an average price of $58.96, for a total transaction of $350,694.08. Following the transaction, the insider now directly owns 177,370 shares in the company, valued at approximately $10,457,735.20. The disclosure for this sale can be found here. Insiders sold a total of 80,948 shares of company stock worth $5,277,174 in the last ninety days. 0.70% of the stock is currently owned by insiders.
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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