Mutual Advisors LLC Sells 95 Shares of The Progressive Co. (NYSE:PGR)

Mutual Advisors LLC reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,065 shares of the insurance provider’s stock after selling 95 shares during the quarter. Mutual Advisors LLC’s holdings in Progressive were worth $488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Harbour Investments Inc. lifted its holdings in shares of Progressive by 109.1% during the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 108 shares in the last quarter. Sunbelt Securities Inc. bought a new position in Progressive in the first quarter valued at about $31,000. DecisionPoint Financial LLC bought a new position in Progressive in the second quarter valued at about $35,000. Neo Ivy Capital Management bought a new position in Progressive in the second quarter valued at about $35,000. Finally, Arlington Trust Co LLC bought a new position in Progressive in the third quarter valued at about $36,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Susan Patricia Griffith sold 13,110 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total value of $2,127,228.60. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at approximately $75,570,485.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders sold 58,949 shares of company stock worth $10,671,740 in the last quarter. 0.33% of the stock is owned by corporate insiders.

Progressive Stock Performance

NYSE:PGR opened at $206.15 on Thursday. The stock has a market capitalization of $120.74 billion, a P/E ratio of 31.33, a P/E/G ratio of 0.94 and a beta of 0.34. The stock has a 50-day moving average price of $188.82 and a 200 day moving average price of $167.00. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $207.87.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.53. The business had revenue of $16.89 billion during the quarter, compared to analysts’ expectations of $16.10 billion. Progressive had a return on equity of 21.25% and a net margin of 6.28%. During the same quarter last year, the business posted $1.52 EPS. Equities research analysts forecast that The Progressive Co. will post 9.82 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, April 4th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s dividend payout ratio is presently 12.92%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PGR. Bank of America increased their target price on Progressive from $256.00 to $261.00 and gave the company a “buy” rating in a report on Monday, March 4th. Raymond James downgraded Progressive from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 12th. TD Cowen started coverage on Progressive in a report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 target price on the stock. Citigroup upped their price target on Progressive from $192.00 to $202.00 and gave the stock a “neutral” rating in a research report on Monday, March 18th. Finally, HSBC started coverage on Progressive in a research report on Thursday, December 28th. They issued a “hold” rating and a $164.00 price target for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $184.50.

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.