Falcon Wealth Planning Makes New Investment in The Progressive Co. (NYSE:PGR)

Falcon Wealth Planning acquired a new stake in shares of The Progressive Co. (NYSE:PGR) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 976 shares of the insurance provider’s stock, valued at approximately $234,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Davis Capital Management acquired a new position in Progressive in the third quarter valued at $25,000. Webster Bank N. A. acquired a new position in shares of Progressive in the 4th quarter valued at about $26,000. DiNuzzo Private Wealth Inc. grew its holdings in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC acquired a new stake in Progressive during the 2nd quarter worth approximately $36,000. Finally, Friedenthal Financial acquired a new stake in Progressive during the 3rd quarter worth approximately $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PGR. Bank of America boosted their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a report on Thursday, December 26th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

Progressive Price Performance

Shares of PGR stock opened at $244.86 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 1-year low of $175.50 and a 1-year high of $270.62. The firm has a fifty day moving average of $248.08 and a two-hundred day moving average of $244.03. The firm has a market cap of $143.44 billion, a P/E ratio of 17.80, a P/E/G ratio of 0.62 and a beta of 0.41.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is 2.91%.

Insider Activity at Progressive

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $114,691,485.60. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,506 shares of company stock valued at $10,531,159. Corporate insiders own 0.34% of the company’s stock.

Progressive 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.