The Progressive Co. (NYSE:PGR) Shares Sold by Reinhart Partners LLC.

Reinhart Partners LLC. lessened its stake in shares of The Progressive Co. (NYSE:PGR) by 17.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 30,153 shares of the insurance provider’s stock after selling 6,259 shares during the period. Reinhart Partners LLC.’s holdings in Progressive were worth $7,225,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter worth $25,000. DiNuzzo Private Wealth Inc. grew its position in shares of Progressive by 114.1% in the third 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. Kimelman & Baird LLC acquired a new position in Progressive during the 2nd quarter valued at $36,000. Friedenthal Financial acquired a new position in shares of Progressive in the third quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Progressive in the 3rd quarter valued at $49,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of PGR stock traded down $1.53 on Monday, reaching $234.08. The company had a trading volume of 1,353,430 shares, compared to its average volume of 2,373,169. The stock has a market capitalization of $137.13 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business’s 50-day moving average is $251.34 and its 200 day moving average is $241.61. The Progressive Co. has a one year low of $166.92 and a one year high of $270.62.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities research analysts forecast that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.17%. The ex-dividend date is Friday, January 10th. Progressive’s payout ratio is presently 2.91%.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock worth $8,222,168 over the last ninety days. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PGR shares. Jefferies Financial Group boosted their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Morgan Stanley restated an “overweight” rating and issued a $310.00 price target on shares of Progressive in a research note on Friday, December 13th. Barclays dropped their target price on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. BMO Capital Markets cut their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, TD Cowen upped their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

Progressive Company 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.