Grove Bank & Trust Buys 145 Shares of The Progressive Co. (NYSE:PGR)

Grove Bank & Trust grew its stake in shares of The Progressive Co. (NYSE:PGR) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,132 shares of the insurance provider’s stock after purchasing an additional 145 shares during the period. Grove Bank & Trust’s holdings in Progressive were worth $271,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC raised its position in shares of Progressive by 55.4% in the 2nd quarter. Brighton Jones LLC now owns 2,938 shares of the insurance provider’s stock worth $610,000 after acquiring an additional 1,047 shares in the last quarter. King Luther Capital Management Corp raised its holdings in Progressive by 8.2% in the second quarter. King Luther Capital Management Corp now owns 2,173 shares of the insurance provider’s stock worth $451,000 after purchasing an additional 164 shares in the last quarter. AE Wealth Management LLC lifted its position in Progressive by 118.4% during the second quarter. AE Wealth Management LLC now owns 9,022 shares of the insurance provider’s stock valued at $1,874,000 after buying an additional 4,891 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Progressive by 29.2% during the 2nd quarter. Pacer Advisors Inc. now owns 51,907 shares of the insurance provider’s stock valued at $10,782,000 after buying an additional 11,720 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Progressive by 6.0% in the 2nd quarter. Sei Investments Co. now owns 467,513 shares of the insurance provider’s stock worth $97,108,000 after buying an additional 26,375 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,938 shares of company stock valued at $7,473,490 in the last quarter. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PGR shares. Evercore ISI lifted their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Wells Fargo & Company lifted their target price on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Jefferies Financial Group lifted their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. BMO Capital Markets cut their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $275.24.

Progressive Price Performance

NYSE PGR opened at $243.79 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 1-year low of $166.92 and a 1-year high of $270.62. The stock has a market capitalization of $142.82 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.61 and a beta of 0.41. The business’s fifty day moving average price is $250.18 and its 200-day moving average price is $242.49.

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 paid 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 dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 2.91%.

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.