Cigna Investments Inc. New Lowers Position in The Progressive Co. (NYSE:PGR)

Cigna Investments Inc. New lowered its holdings in The Progressive Co. (NYSE:PGR) by 0.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,986 shares of the insurance provider’s stock after selling 56 shares during the period. Cigna Investments Inc. New’s holdings in Progressive were worth $1,434,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PGR. Webster Bank N. A. bought a new position in shares of Progressive during the 4th quarter valued at about $26,000. Hager Investment Management Services LLC bought a new position in shares of Progressive during the 4th quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% during the 4th 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 last quarter. Valley National Advisers Inc. increased its position in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. increased its position in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 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 transaction of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total value of $2,386,600.00. Following the completion of the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock worth $13,983,575 in the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on PGR shares. Barclays reduced their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. JPMorgan Chase & Co. raised their price target on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Evercore ISI raised their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $275.71.

Progressive Stock Down 0.4 %

Progressive stock opened at $249.61 on Tuesday. 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 stock has a market capitalization of $146.22 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.64 and a beta of 0.42. The Progressive Co. has a 1-year low of $180.72 and a 1-year high of $270.62. The business has a fifty day moving average price of $245.24 and a 200-day moving average price of $246.02.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating 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 research analysts forecast that The Progressive Co. will post 14.44 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

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.