The Progressive Co. (NYSE:PGR) Shares Sold by Hardy Reed LLC

Hardy Reed LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,572 shares of the insurance provider’s stock after selling 175 shares during the quarter. Hardy Reed LLC’s holdings in Progressive were worth $3,252,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Raleigh Capital Management Inc. increased its stake in Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the period. Atlantic Edge Private Wealth Management LLC increased its stake in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC increased its stake in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares during the period. SYM FINANCIAL Corp boosted its holdings in shares of Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after acquiring an additional 44 shares in the last quarter. Finally, Monument Capital Management boosted its holdings in shares of Progressive by 0.3% in the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock valued at $3,298,000 after acquiring an additional 44 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the transaction, the chief financial officer now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,361 shares of company stock valued at $13,983,575. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $269.71 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market cap of $158.00 billion, a P/E ratio of 18.73, a PEG ratio of 0.67 and a beta of 0.42. The company has a 50-day moving average of $246.11 and a two-hundred day moving average of $248.36. The Progressive Co. has a 12-month low of $186.94 and a 12-month high of $270.79.

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, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, research analysts predict that The Progressive Co. will post 14.43 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.78%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Bank of America lifted their target price on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. TD Cowen lifted their target price on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Finally, Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a report on Thursday, December 26th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $275.88.

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.