Buckley Wealth Management LLC Reduces Stock Position in The Progressive Co. (NYSE:PGR)

Buckley Wealth Management LLC cut its position in shares of The Progressive Co. (NYSE:PGR) by 0.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,525 shares of the insurance provider’s stock after selling 50 shares during the period. Buckley Wealth Management LLC’s holdings in Progressive were worth $1,324,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Webster Bank N. A. purchased a new position in shares of Progressive during the 4th quarter worth about $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. Valley National Advisers Inc. boosted its stake in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares during the period. Finally, Atala Financial Inc purchased a new position in shares of Progressive during the 4th quarter worth about $32,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Roth Mkm lifted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. UBS Group lifted their price objective on shares of Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Finally, Barclays lifted their price objective on shares of Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average target price of $281.76.

Progressive Stock Up 1.6 %

Shares of Progressive stock opened at $283.87 on Friday. The firm’s 50 day moving average price is $258.14 and its 200-day moving average price is $253.97. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 52-week low of $199.57 and a 52-week high of $287.49. The company has a market cap of $166.41 billion, a P/E ratio of 19.71, a PEG ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping 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%. On average, sell-side analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business 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 dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio is presently 2.78%.

Insiders Place Their Bets

In other Progressive news, CIO Jonathan S. Bauer sold 1,227 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $281.00, for a total transaction of $344,787.00. Following the sale, the executive now owns 28,393 shares of the company’s stock, valued at approximately $7,978,433. The trade was a 4.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction that occurred on 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 directly owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,257 shares of company stock valued at $15,752,781. 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.