Flagship Harbor Advisors LLC Has $221,000 Stake in Progressive Corp (NYSE:PGR)

Flagship Harbor Advisors LLC boosted its position in Progressive Corp (NYSE:PGR) by 116.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,072 shares of the insurance provider’s stock after purchasing an additional 1,652 shares during the period. Flagship Harbor Advisors LLC’s holdings in Progressive were worth $221,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Lindbrook Capital LLC purchased a new position in Progressive during the fourth quarter worth $27,000. Liberty Wealth Management LLC purchased a new position in Progressive during the fourth quarter worth $30,000. Karp Capital Management Corp purchased a new position in Progressive during the fourth quarter worth $32,000. Capital Investment Advisory Services LLC purchased a new position in Progressive during the fourth quarter worth $33,000. Finally, Capital Financial Planning LLC purchased a new position in Progressive during the fourth quarter worth $33,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

In related news, insider John A. Barbagallo sold 48,000 shares of Progressive stock in a transaction on Friday, April 26th. The stock was sold at an average price of $75.78, for a total value of $3,637,440.00. Following the transaction, the insider now owns 84,370 shares in the company, valued at $6,393,558.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 1,715 shares of Progressive stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total value of $134,610.35. Following the completion of the transaction, the director now owns 2,464 shares in the company, valued at approximately $193,399.36. The disclosure for this sale can be found here. Insiders have sold 128,450 shares of company stock worth $9,599,837 in the last 90 days. Insiders own 0.39% of the company’s stock.

Several equities analysts have weighed in on PGR shares. Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Monday, April 22nd. Wells Fargo & Co reissued a “hold” rating and set a $73.00 price target on shares of Progressive in a research report on Wednesday, March 13th. Citigroup raised their price target on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. Credit Suisse Group raised their price target on Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Finally, Barclays raised their price target on Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Progressive currently has a consensus rating of “Buy” and a consensus price target of $74.93.

PGR stock opened at $73.43 on Friday. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $78.58. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. The firm has a market cap of $42.54 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.93 and a beta of 0.79.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The business had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter last year, the firm earned $1.22 earnings per share. The business’s revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts predict that Progressive Corp will post 5.15 EPS for the current fiscal year.

The firm also recently disclosed an annual dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, April 5th were issued a dividend of $0.10 per share. This represents a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 4th. Progressive’s dividend payout ratio (DPR) is 59.05%.

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Progressive Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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