Patton Fund Management Inc. Reduces Stock Position in The Progressive Co. (NYSE:PGR)

Patton Fund Management Inc. decreased its position in The Progressive Co. (NYSE:PGR) by 13.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 17,641 shares of the insurance provider’s stock after selling 2,651 shares during the quarter. Patton Fund Management Inc.’s holdings in Progressive were worth $4,227,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. NewEdge Advisors LLC boosted its holdings in shares of Progressive by 20.6% during the 2nd quarter. NewEdge Advisors LLC now owns 30,429 shares of the insurance provider’s stock valued at $6,320,000 after acquiring an additional 5,199 shares during the last quarter. Sunbelt Securities Inc. raised its stake in shares of Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares during the period. Kimelman & Baird LLC bought a new position in shares of Progressive in the second quarter worth approximately $36,000. EP Wealth Advisors LLC increased its stake in shares of Progressive by 19.8% in the second quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider’s stock worth $393,000 after purchasing an additional 313 shares in the last quarter. Finally, Truist Financial Corp increased its stake in Progressive by 27.7% in the 2nd quarter. Truist Financial Corp now owns 289,341 shares of the insurance provider’s stock worth $60,099,000 after buying an additional 62,693 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

PGR has been the topic of several recent analyst reports. Morgan Stanley reduced their price target on Progressive from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Tuesday, January 21st. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research report on Thursday, December 26th. Wells Fargo & Company raised their price objective on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Finally, TD Cowen lifted their target price 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. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

Progressive Trading Down 0.8 %

Shares of Progressive stock opened at $244.86 on Wednesday. The firm has a 50-day simple moving average of $247.89 and a two-hundred day simple moving average of $244.25. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a fifty-two week low of $175.50 and a fifty-two week high of $270.62. The company has a market cap of $143.44 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.91%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,506 shares of company stock valued at $10,531,159 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

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.