Salvus Wealth Management LLC Sells 138 Shares of The Progressive Co. (NYSE:PGR)

Salvus Wealth Management LLC lessened its holdings in The Progressive Co. (NYSE:PGR) by 0.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 25,487 shares of the insurance provider’s stock after selling 138 shares during the period. Progressive makes up about 3.9% of Salvus Wealth Management LLC’s holdings, making the stock its 5th biggest holding. Salvus Wealth Management LLC’s holdings in Progressive were worth $6,107,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State Street Corp increased its position in Progressive by 1.3% in the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after acquiring an additional 315,411 shares during the period. Geode Capital Management LLC raised its position in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares during the last quarter. FMR LLC grew its position in shares of Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after buying an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Progressive by 7.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after acquiring an additional 330,667 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,919 shares of company stock valued at $8,222,168 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $310.00 price target on shares of Progressive in a research report on Friday, December 13th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Wells Fargo & Company increased their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Finally, Keefe, Bruyette & Woods decreased their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average price target of $275.24.

Progressive Price Performance

NYSE:PGR opened at $245.57 on Friday. The Progressive Co. has a 52-week low of $166.92 and a 52-week high of $270.62. The stock has a fifty day moving average of $250.72 and a 200 day moving average of $242.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $143.86 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 0.61 and a beta of 0.41.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, research analysts expect that The Progressive Co. will post 13.52 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given 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 dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Progressive 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.