The Progressive Co. (NYSE:PGR) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC cut its stake in shares of The Progressive Co. (NYSE:PGR) by 46.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,336 shares of the insurance provider’s stock after selling 1,144 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Progressive were worth $320,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PGR. Raymond James Financial Inc. acquired a new position in shares of Progressive during the fourth quarter worth about $408,416,000. Geode Capital Management LLC grew its position in shares of Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after buying an additional 1,682,213 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Progressive by 75.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after buying an additional 641,943 shares in the last quarter. Proficio Capital Partners LLC grew its position in shares of Progressive by 36,819.8% during the fourth quarter. Proficio Capital Partners LLC now owns 568,195 shares of the insurance provider’s stock worth $136,145,000 after buying an additional 566,656 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Progressive by 102.3% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock worth $260,102,000 after purchasing an additional 518,262 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock opened at $273.08 on Friday. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. 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 business has a 50 day simple moving average of $261.96 and a 200-day simple moving average of $255.01. The stock has a market capitalization of $160.08 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.

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

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio is presently 2.78%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PGR shares. Wells Fargo & Company boosted their target price on Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Finally, StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Saturday. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $281.06.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the company’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 $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares in the company, 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 65,495 shares of company stock valued at $16,668,034 over the last quarter. Company insiders own 0.34% of the company’s stock.

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.