Waterfront Wealth Inc. Has $1.32 Million Position in The Progressive Co. (NYSE:PGR)

Waterfront Wealth Inc. boosted its position in The Progressive Co. (NYSE:PGR) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,299 shares of the insurance provider’s stock after purchasing an additional 276 shares during the period. Waterfront Wealth Inc.’s holdings in Progressive were worth $1,322,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Valley National Advisers Inc. grew its position in shares of Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after buying an additional 112 shares during the last quarter. Harbour Investments Inc. grew its position in shares of Progressive by 109.1% in the 3rd quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after buying an additional 108 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Progressive in the 1st quarter valued at about $31,000. Pinnacle Bancorp Inc. bought a new stake in shares of Progressive in the 4th quarter valued at about $39,000. Finally, Arlington Trust Co LLC bought a new stake in shares of Progressive in the 3rd quarter valued at about $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 8,464 shares of the stock in a transaction 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 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 SEC, which is available through the SEC website. In other news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value 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 disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Up 0.4 %

Shares of Progressive stock traded up $0.77 on Wednesday, hitting $209.12. The company had a trading volume of 3,554,558 shares, compared to its average volume of 2,604,509. The stock has a market capitalization of $122.48 billion, a price-to-earnings ratio of 21.40, a P/E/G ratio of 0.86 and a beta of 0.35. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $212.24. The stock has a 50 day moving average of $198.74 and a 200-day moving average of $174.33. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.65 earnings per share. As a group, sell-side analysts forecast that The Progressive Co. will post 10.73 earnings per share for the current year.

Progressive Announces Dividend

The firm 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s payout ratio is 4.09%.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. Jefferies Financial Group upped their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday. TD Cowen started coverage on Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Morgan Stanley upped their target price on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group upped their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $211.88.

About Progressive

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.