Sage Mountain Advisors LLC Makes New Investment in The Progressive Co. (NYSE:PGR)

Sage Mountain Advisors LLC bought a new position in The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 1,442 shares of the insurance provider’s stock, valued at approximately $230,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Compass Ion Advisors LLC grew its holdings in Progressive by 0.8% in the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after acquiring an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after acquiring an additional 62 shares during the last quarter. Quent Capital LLC grew its holdings in Progressive by 19.3% in the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after acquiring an additional 69 shares during the last quarter. BSW Wealth Partners grew its holdings in Progressive by 4.2% in the 4th quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after acquiring an additional 69 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its holdings in Progressive by 2.2% in the 4th quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock worth $515,000 after acquiring an additional 70 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 0.5 %

Shares of NYSE PGR opened at $214.00 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The stock has a market cap of $125.34 billion, a P/E ratio of 21.80, a price-to-earnings-growth ratio of 0.85 and a beta of 0.35. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $216.21. The firm has a 50-day moving average of $200.53 and a 200 day moving average of $176.08.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 earnings per share. As a group, sell-side analysts expect that The Progressive Co. will post 11.22 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,139 shares of company stock valued at $7,458,139. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PGR shares. Morgan Stanley lifted their target price on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. TD Cowen started coverage on shares of Progressive in a research note on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. Citigroup lifted their target price on shares of Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Finally, HSBC lifted their target price on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $211.88.

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.