Illumine Investment Management LLC Purchases Shares of 7,448 The Progressive Co. (NYSE:PGR)

Illumine Investment Management LLC acquired a new position in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,448 shares of the insurance provider’s stock, valued at approximately $1,785,000. Progressive accounts for approximately 1.5% of Illumine Investment Management LLC’s holdings, making the stock its 26th largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC increased its holdings in shares of Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares during the period. SYM FINANCIAL Corp increased its holdings in shares of Progressive by 2.8% in the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after purchasing an additional 44 shares during the period. Monument Capital Management increased its holdings in shares of Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock valued at $3,298,000 after purchasing an additional 44 shares during the period. Finally, Washington Trust Bank increased its holdings in shares of Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after purchasing an additional 45 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 2.0 %

PGR opened at $279.02 on Friday. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $280.25. The stock’s fifty day simple moving average is $249.41 and its 200 day simple moving average is $250.50. 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 $163.45 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 return on equity of 33.79% and a net margin of 11.25%. As a group, research analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Barclays upped their target price on Progressive from $261.00 to $264.00 and gave the company an “equal weight” rating in a report on Tuesday, February 18th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Wells Fargo & Company increased their price target on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Bank of America increased their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $277.59.

Insider Activity at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 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 value of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 11,021 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $115,255,231.44. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,361 shares of company stock valued at $11,302,675 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

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.