Keybank National Association OH Has $17.69 Million Stake in The Progressive Co. (NYSE:PGR)

Keybank National Association OH reduced its holdings in The Progressive Co. (NYSE:PGR) by 3.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,842 shares of the insurance provider’s stock after selling 2,454 shares during the quarter. Keybank National Association OH’s holdings in Progressive were worth $17,693,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PGR. Webster Bank N. A. bought a new stake in shares of Progressive during the fourth quarter worth $26,000. Hager Investment Management Services LLC bought a new position in shares of Progressive in the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC lifted its position in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares in the last quarter. Valley National Advisers Inc. grew its holdings in Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 120 shares during the last quarter. Finally, Independence Bank of Kentucky increased its position in Progressive by 1,650.0% in the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after acquiring an additional 165 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.7 %

Shares of NYSE:PGR opened at $283.09 on Wednesday. The company has a 50 day moving average price of $251.93 and a two-hundred day moving average price of $251.90. The company has a market capitalization of $165.83 billion, a PE ratio of 19.66, a PEG ratio of 1.70 and a beta of 0.42. The Progressive Co. has a 52 week low of $189.40 and a 52 week high of $287.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders 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 dividend yield of 0.14%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.78%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PGR. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, February 25th. Evercore ISI upped their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Morgan Stanley increased their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a research report on Tuesday, December 10th. Finally, Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus target price of $277.59.

Insider Activity

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were 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. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock worth $14,102,075 in the last 90 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.