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.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.45. The firm had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. Progressive had a return on equity of 24.83% and a net margin of 8.16%. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period last year, the business posted $1.22 EPS. On average, equities research analysts expect that Progressive Corp will post 5.07 earnings per share for the current fiscal year.

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 Profile

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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