Gallacher Capital Management LLC Boosts Position in The Progressive Co. (NYSE:PGR)

Gallacher Capital Management LLC lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 84.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,954 shares of the insurance provider’s stock after acquiring an additional 892 shares during the quarter. Gallacher Capital Management LLC’s holdings in Progressive were worth $468,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PGR. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares during the period. LRI Investments LLC grew its position in shares of Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 42 shares during the period. SYM FINANCIAL Corp grew its position in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after acquiring an additional 44 shares during the period. Monument Capital Management grew its position in shares of Progressive by 0.3% during the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock valued at $3,298,000 after acquiring an additional 44 shares during the period. Finally, Kelleher Financial Advisors grew its holdings in Progressive by 4.7% in the fourth quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider’s stock valued at $238,000 after purchasing an additional 45 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PGR has been the topic of several research analyst reports. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Morgan Stanley lifted their price target on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Barclays lifted their target price on shares of Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a research report on Thursday. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Friday. Finally, HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $281.76.

Progressive Trading Up 1.6 %

Shares of PGR stock opened at $283.87 on Friday. The company’s 50-day moving average price is $258.14 and its 200-day moving average price is $254.03. 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 stock has a market cap of $166.41 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 1.70 and a beta of 0.35. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $287.49.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate 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, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive’s dividend payout ratio is currently 2.78%.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $238.66, for a total value of $2,386,600.00. Following the sale, the chief financial officer now directly owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,257 shares of company stock valued at $15,752,781 in the last quarter. Insiders own 0.34% of the company’s stock.

About Progressive

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.