Raymond James Financial Services Advisors Inc. Purchases 4,607 Shares of The Progressive Co. (NYSE:PGR)

Raymond James Financial Services Advisors Inc. grew its stake in The Progressive Co. (NYSE:PGR – Get Rating) by 3.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 131,802 shares of the insurance provider’s stock after acquiring an additional 4,607 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Progressive were worth $15,317,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. NorthRock Partners LLC bought a new stake in Progressive in the second quarter worth $232,000. First Republic Investment Management Inc. raised its stake in shares of Progressive by 9.6% in the first quarter. First Republic Investment Management Inc. now owns 630,991 shares of the insurance provider’s stock worth $71,927,000 after purchasing an additional 55,106 shares during the last quarter. Offit Capital Advisors LLC purchased a new position in shares of Progressive in the first quarter worth $418,000. Ellevest Inc. raised its stake in shares of Progressive by 244.0% in the second quarter. Ellevest Inc. now owns 891 shares of the insurance provider’s stock worth $104,000 after purchasing an additional 632 shares during the last quarter. Finally, Ascent Group LLC raised its stake in shares of Progressive by 80.8% in the second quarter. Ascent Group LLC now owns 4,070 shares of the insurance provider’s stock worth $468,000 after purchasing an additional 1,819 shares during the last quarter. 83.19% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 5,270 shares of the company’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $120.00, for a total value of $632,400.00. Following the completion of the transaction, the insider now owns 29,190 shares of the company’s stock, valued at $3,502,800. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider John Jo Murphy sold 5,270 shares of the company’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $120.00, for a total value of $632,400.00. Following the completion of the transaction, the insider now owns 29,190 shares of the company’s stock, valued at $3,502,800. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 50,000 shares of the company’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $116.85, for a total value of $5,842,500.00. Following the completion of the transaction, the chief executive officer now directly owns 431,822 shares of the company’s stock, valued at approximately $50,458,400.70. The disclosure for this sale can be found here. Insiders sold a total of 128,999 shares of company stock valued at $15,912,352 over the last 90 days. Company insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

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Several research firms have recently weighed in on PGR. Citigroup decreased their price target on Progressive from $106.00 to $104.00 and set a “sell” rating for the company in a research note on Tuesday, November 22nd. Jefferies Financial Group upgraded Progressive from a “hold” rating to a “buy” rating and boosted their price target for the stock from $123.00 to $142.00 in a research note on Friday, October 7th. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research note on Friday, October 14th. Evercore ISI reduced their price objective on Progressive to $133.00 in a research report on Thursday, October 20th. Finally, TheStreet upgraded Progressive from a “c+” rating to a “b-” rating in a research report on Friday, November 4th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $120.77.

Progressive Stock Performance

NYSE:PGR opened at $134.61 on Friday. The stock has a 50-day simple moving average of $129.17 and a two-hundred day simple moving average of $123.33. The Progressive Co. has a 52-week low of $100.81 and a 52-week high of $134.84. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.40 and a current ratio of 0.40. The firm has a market capitalization of $78.76 billion, a PE ratio of 95.47, a P/E/G ratio of 0.99 and a beta of 0.46.

Progressive (NYSE:PGR – Get Rating) last released its quarterly earnings results on Thursday, October 13th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.75). Progressive had a net margin of 1.76% and a return on equity of 13.51%. The company had revenue of $13 billion for the quarter, compared to the consensus estimate of $13.16 billion. Analysts forecast that The Progressive Co. will post 4.08 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Friday, January 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Thursday, January 5th. Progressive’s dividend payout ratio (DPR) is 28.37%.

Progressive Company Profile

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.