Money Concepts Capital Corp Sells 354 Shares of The Progressive Co. (NYSE:PGR)

Money Concepts Capital Corp lessened its stake in shares of The Progressive Co. (NYSE:PGR) by 19.8% during the fourth quarter, Holdings Channel reports. The fund owned 1,431 shares of the insurance provider’s stock after selling 354 shares during the quarter. Money Concepts Capital Corp’s holdings in Progressive were worth $343,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Webster Bank N. A. bought a new position in shares of Progressive during the 4th quarter worth about $26,000. Hager Investment Management Services LLC bought a new position in shares of Progressive during the 4th quarter worth about $28,000. Valley National Advisers Inc. boosted its position in shares of Progressive by 3,000.0% during 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. DiNuzzo Private Wealth Inc. boosted its position in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares in the last quarter. Finally, Independence Bank of Kentucky boosted its position in shares of Progressive by 1,650.0% during 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. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 0.9 %

Shares of Progressive stock opened at $251.33 on Friday. The Progressive Co. has a 1 year low of $180.68 and a 1 year high of $270.62. The firm has a market cap of $147.23 billion, a PE ratio of 17.45, a P/E/G ratio of 0.63 and a beta of 0.42. The stock has a fifty day moving average price of $245.92 and a 200-day moving average price of $245.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities research analysts anticipate that The Progressive Co. will post 14.4 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced 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. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.78%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PGR. Morgan Stanley increased their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company increased their price objective on shares of Progressive from $302.00 to $313.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Finally, HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research report on Tuesday, December 10th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.71.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive 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 of the company’s stock, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,361 shares of company stock valued at $13,983,575 in the last ninety days. 0.34% of the stock is currently owned by insiders.

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.