Axxcess Wealth Management LLC Acquires 1,659 Shares of The Progressive Co. (NYSE:PGR)

Axxcess Wealth Management LLC grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 48.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,111 shares of the insurance provider’s stock after buying an additional 1,659 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Progressive were worth $814,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Compass Ion Advisors LLC grew its holdings in shares of Progressive by 0.8% during the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in Progressive by 10.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 62 shares during the last quarter. Quent Capital LLC grew its stake 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 buying an additional 69 shares in the last quarter. BSW Wealth Partners increased its holdings in shares of 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 buying an additional 69 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its position in shares of Progressive by 2.2% during the 4th quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock valued at $515,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 39,139 shares of company stock valued at $7,458,139 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PGR shares. Keefe, Bruyette & Woods increased their target price on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Piper Sandler reiterated an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Jefferies Financial Group boosted their target price on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. The Goldman Sachs Group lifted their price target on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. Finally, Roth Mkm upped their price objective on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Price Performance

Shares of Progressive stock opened at $215.51 on Tuesday. The company has a market cap of $126.22 billion, a PE ratio of 22.06, a P/E/G ratio of 0.82 and a beta of 0.34. The business has a 50 day moving average of $204.74 and a 200 day moving average of $180.31. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $216.21. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period last year, the company posted $0.65 EPS. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts forecast that The Progressive Co. will post 11.34 earnings per share for the current year.

Progressive Dividend Announcement

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

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.