The Progressive Co. (NYSE:PGR) Holdings Trimmed by Private Advisor Group LLC

Private Advisor Group LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 4.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,454 shares of the insurance provider’s stock after selling 504 shares during the quarter. Private Advisor Group LLC’s holdings in Progressive were worth $2,744,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its holdings in Progressive by 10.8% during the third quarter. Assenagon Asset Management S.A. now owns 18,371 shares of the insurance provider’s stock worth $4,662,000 after buying an additional 1,789 shares in the last quarter. Allworth Financial LP lifted its position in shares of Progressive by 7.0% during the 3rd quarter. Allworth Financial LP now owns 7,313 shares of the insurance provider’s stock valued at $1,856,000 after acquiring an additional 481 shares during the last quarter. Arkadios Wealth Advisors boosted its stake in shares of Progressive by 113.8% during the 3rd quarter. Arkadios Wealth Advisors now owns 3,247 shares of the insurance provider’s stock worth $824,000 after acquiring an additional 1,728 shares in the last quarter. PFG Investments LLC acquired a new position in shares of Progressive in the 3rd quarter worth $244,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Progressive by 68.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 128,938 shares of the insurance provider’s stock worth $32,719,000 after acquiring an additional 52,229 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 681 shares of the business’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 transaction of $164,870.10. Following the sale, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,361 shares of company stock worth $13,983,575. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PGR shares. Bank of America increased their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a report on Thursday, December 26th. TD Cowen boosted their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. BMO Capital Markets decreased their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $276.12.

Progressive Price Performance

NYSE PGR opened at $272.91 on Tuesday. The stock’s 50-day moving average is $247.35 and its two-hundred day moving average is $249.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a fifty-two week low of $186.94 and a fifty-two week high of $275.52. The firm has a market cap of $159.87 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s dividend payout ratio is 2.78%.

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.