Golden State Wealth Management LLC Buys Shares of 496 The Progressive Co. (NYSE:PGR)

Golden State Wealth Management LLC purchased a new position in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 496 shares of the insurance provider’s stock, valued at approximately $119,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Brookstone Capital Management increased its position in Progressive by 16.6% in the 3rd quarter. Brookstone Capital Management now owns 1,055 shares of the insurance provider’s stock valued at $268,000 after acquiring an additional 150 shares during the period. LVW Advisors LLC acquired a new stake in Progressive in the third quarter valued at $242,000. Valeo Financial Advisors LLC raised its position in Progressive by 5.6% during the 3rd quarter. Valeo Financial Advisors LLC now owns 3,966 shares of the insurance provider’s stock worth $1,006,000 after purchasing an additional 212 shares during the last quarter. Perfromance Wealth Partners LLC lifted its holdings in Progressive by 5.5% during the 3rd quarter. Perfromance Wealth Partners LLC now owns 1,145 shares of the insurance provider’s stock worth $291,000 after buying an additional 60 shares during the period. Finally, Gateway Investment Advisers LLC lifted its holdings in Progressive by 33.6% during the 3rd quarter. Gateway Investment Advisers LLC now owns 2,407 shares of the insurance provider’s stock worth $611,000 after buying an additional 605 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PGR shares. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research note on Thursday, December 26th. TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. BMO Capital Markets lowered their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Wells Fargo & Company boosted their target price on shares of Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a report on Tuesday, December 10th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $275.71.

Insider Buying and Selling at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’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 $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $2,194,878.60. Following the completion of the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock valued at $13,983,575 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $250.64 on Monday. The firm has a 50 day moving average of $245.24 and a 200-day moving average of $245.80. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $146.83 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42. The Progressive Co. has a 12 month low of $180.72 and a 12 month high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, sell-side analysts predict that The Progressive Co. will post 14.44 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is currently 2.78%.

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.