Friedenthal Financial Takes Position in The Progressive Co. (NYSE:PGR)

Friedenthal Financial acquired a new position in The Progressive Co. (NYSE:PGR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 194 shares of the insurance provider’s stock, valued at approximately $49,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new position in Progressive during the third quarter worth $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive during the 1st quarter worth approximately $32,000. Finally, Hilltop National Bank boosted its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Keefe, Bruyette & Woods boosted their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday. Citigroup cut their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $268.81.

Progressive Trading Down 0.1 %

NYSE:PGR opened at $251.12 on Friday. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $260.46. The stock has a market cap of $147.07 billion, a price-to-earnings ratio of 21.50, a P/E/G ratio of 0.70 and a beta of 0.35. The company has a 50-day moving average price of $248.81 and a 200-day moving average price of $224.14. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 3.42%.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,383 shares of company stock valued at $33,446,453 in the last three months. Company 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.