Keystone Investors PTE Ltd. Has $7.26 Million Stake in The Progressive Co. (NYSE:PGR)

Keystone Investors PTE Ltd. lessened its stake in shares of The Progressive Co. (NYSE:PGR) by 22.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,279 shares of the insurance provider’s stock after selling 8,555 shares during the quarter. Progressive comprises approximately 0.5% of Keystone Investors PTE Ltd.’s holdings, making the stock its 27th largest position. Keystone Investors PTE Ltd.’s holdings in Progressive were worth $7,255,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PGR. Atlantic Edge Private Wealth Management LLC raised its position in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC raised its holdings in Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 42 shares during the period. Washington Trust Bank lifted its position in Progressive by 4.1% during the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock worth $255,000 after acquiring an additional 42 shares during the last quarter. SYM FINANCIAL Corp grew its position in shares of Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after purchasing an additional 44 shares during the last quarter. Finally, Monument Capital Management increased its stake in shares of Progressive by 0.3% in the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock worth $3,298,000 after purchasing an additional 44 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares in the company, valued at $180,891.35. This represents a 35.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,855 shares of company stock valued at $16,767,455 in the last ninety days. 0.34% of the stock is owned by insiders.

Progressive Trading Up 0.4 %

PGR opened at $274.07 on Tuesday. The firm has a 50 day simple moving average of $262.72 and a 200 day simple moving average of $255.19. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a market cap of $160.66 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating 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, sell-side analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s payout ratio is currently 2.78%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PGR shares. BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upped their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Finally, Barclays lifted their target price on shares of Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a research report on Thursday, March 13th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $281.06.

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.