Community Trust & Investment Co. Invests $428,000 in The Progressive Co. (NYSE:PGR)

Community Trust & Investment Co. bought a new position in The Progressive Co. (NYSE:PGR) in the 3rd quarter, HoldingsChannel reports. The fund bought 1,685 shares of the insurance provider’s stock, valued at approximately $428,000.

Several other hedge funds also recently made changes to their positions in the company. Private Advisor Group LLC lifted its holdings in shares of Progressive by 10.9% in the 3rd quarter. Private Advisor Group LLC now owns 11,958 shares of the insurance provider’s stock worth $3,034,000 after purchasing an additional 1,176 shares during the last quarter. BLB&B Advisors LLC bought a new stake in shares of Progressive in the 3rd quarter worth approximately $210,000. Eastern Bank bought a new stake in shares of Progressive in the 3rd quarter worth approximately $6,627,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Progressive by 4.9% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 58,505 shares of the insurance provider’s stock worth $14,846,000 after purchasing an additional 2,750 shares during the last quarter. Finally, Foundations Investment Advisors LLC bought a new stake in shares of Progressive in the 3rd quarter worth approximately $212,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares in the company, valued at $7,600,400.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,862 shares of company stock worth $17,926,234 in the last three months. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

Shares of NYSE PGR opened at $248.25 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $145.39 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 0.69 and a beta of 0.35. The stock’s fifty day simple moving average is $249.88 and its 200 day simple moving average is $224.79. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is 2.91%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PGR shares. Citigroup cut their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Evercore ISI lifted their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Wells Fargo & Company lifted their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. BMO Capital Markets cut their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $268.81.

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.