Asset Dedication LLC Sells 128 Shares of The Progressive Co. (NYSE:PGR)

Asset Dedication LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 2.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,611 shares of the insurance provider’s stock after selling 128 shares during the period. Asset Dedication LLC’s holdings in Progressive were worth $1,424,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Sunbelt Securities Inc. increased its stake in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 48 shares during the last quarter. Farmers & Merchants Investments Inc. raised its stake in shares of Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 48 shares during the period. Graypoint LLC lifted its holdings in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after acquiring an additional 49 shares during the last quarter. Finally, City State Bank boosted its stake in shares of Progressive by 8.2% during the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays assumed coverage on Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target on the stock. Bank of America boosted their price objective on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday. Roth Mkm increased their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $268.19.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the sale, the chief financial officer now owns 302,958 shares in the company, valued at approximately $64,836,041.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of PGR opened at $255.37 on Thursday. The stock has a market capitalization of $149.57 billion, a PE ratio of 26.14, a PEG ratio of 0.69 and a beta of 0.35. The company has a 50 day moving average price of $247.56 and a 200-day moving average price of $223.57. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. Equities analysts predict that The Progressive Co. will post 13.07 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

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.