Amalgamated Bank Has $30.45 Million Stake in The Progressive Co. (NYSE:PGR)

Amalgamated Bank decreased its holdings in The Progressive Co. (NYSE:PGR) by 2.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 127,074 shares of the insurance provider’s stock after selling 3,557 shares during the quarter. Amalgamated Bank’s holdings in Progressive were worth $30,448,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Webster Bank N. A. acquired a new stake in Progressive in the 4th quarter worth about $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive in the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Valley National Advisers Inc. raised its stake in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares in the last quarter. Finally, Independence Bank of Kentucky raised its stake in Progressive by 1,650.0% in the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after purchasing an additional 165 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 2.5 %

PGR opened at $272.91 on Tuesday. The Progressive Co. has a fifty-two week low of $186.94 and a fifty-two week high of $275.52. 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 firm has a market capitalization of $159.87 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 1.70 and a beta of 0.42. The company’s 50 day moving average price is $247.35 and its two-hundred day moving average price is $249.74.

Progressive (NYSE:PGR) last posted its earnings results 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 net margin of 11.25% and a return on equity of 33.79%. As a group, research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a report on Thursday, December 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $276.12.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 681 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 transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is currently owned by insiders.

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.