Exchange Traded Concepts LLC Has $5.57 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Exchange Traded Concepts LLC raised its stake in shares of The Progressive Co. (NYSE:PGR) by 102.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,263 shares of the insurance provider’s stock after purchasing an additional 11,753 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Progressive were worth $5,574,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at $25,000. DiNuzzo Private Wealth Inc. lifted its holdings in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the period. Kimelman & Baird LLC acquired a new stake in shares of Progressive in the 2nd quarter valued at $36,000. Friedenthal Financial bought a new stake in shares of Progressive in the 3rd quarter worth about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Progressive in the 3rd quarter worth about $49,000. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. BMO Capital Markets dropped 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. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research note on Tuesday, December 10th. Jefferies Financial Group raised their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Barclays reduced their price target on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average price target of $274.65.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 9,066 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,506 shares of company stock valued at $10,531,159. 0.34% of the stock is owned by company insiders.

Progressive Stock Down 0.4 %

PGR stock opened at $238.58 on Friday. The Progressive Co. has a twelve month low of $175.50 and a twelve month high of $270.62. The company has a market cap of $139.76 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 0.62 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 has a 50 day moving average price of $248.62 and a two-hundred day moving average price of $243.11.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s dividend payout ratio is presently 2.91%.

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.