Ropes Wealth Advisors LLC Buys Shares of 541 Progressive Corp (PGR)
Ropes Wealth Advisors LLC bought a new position in Progressive Corp (NYSE:PGR) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 541 shares of the insurance provider’s stock, valued at approximately $39,000.
Several other large investors have also recently made changes to their positions in PGR. PCJ Investment Counsel Ltd. purchased a new stake in shares of Progressive in the 4th quarter worth approximately $1,985,000. Picton Mahoney Asset Management grew its stake in shares of Progressive by 3.7% in the 4th quarter. Picton Mahoney Asset Management now owns 306,700 shares of the insurance provider’s stock worth $18,503,000 after buying an additional 10,900 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Progressive by 35.1% in the 4th quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock worth $197,463,000 after buying an additional 850,970 shares during the last quarter. Retirement Systems of Alabama grew its stake in shares of Progressive by 0.5% in the 1st quarter. Retirement Systems of Alabama now owns 654,987 shares of the insurance provider’s stock worth $47,218,000 after buying an additional 2,985 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Progressive by 1.4% in the 3rd quarter. Legal & General Group Plc now owns 2,832,561 shares of the insurance provider’s stock worth $201,225,000 after buying an additional 37,940 shares during the last quarter. 80.57% of the stock is owned by hedge funds and other institutional investors.
PGR stock opened at $77.26 on Wednesday. The firm has a market capitalization of $42.20 billion, a PE ratio of 17.48, a PEG ratio of 1.94 and a beta of 0.77. Progressive Corp has a 1 year low of $56.71 and a 1 year high of $77.30. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.
The company also recently declared an annual dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, April 5th were paid a $0.10 dividend. The ex-dividend date was Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is currently 59.05%.
PGR has been the topic of several recent research reports. Barclays upped their price target on Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Credit Suisse Group increased their target price on Progressive from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Wells Fargo & Co set a $73.00 target price on Progressive and gave the company a “hold” rating in a research note on Thursday, February 14th. Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research note on Wednesday, January 2nd. Finally, Citigroup increased their target price on Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $73.43.
In related news, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $70.30, for a total value of $885,780.00. Following the transaction, the insider now directly owns 260,138 shares of the company’s stock, valued at approximately $18,287,701.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $72.65, for a total value of $871,800.00. Following the sale, the chief financial officer now directly owns 371,815 shares in the company, valued at $27,012,359.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,100 shares of company stock worth $7,722,825. Company insiders own 0.39% of the company’s stock.
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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
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