Klingman & Associates LLC Sells 62 Shares of The Progressive Co. (NYSE:PGR)

Klingman & Associates LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 4.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,358 shares of the insurance provider’s stock after selling 62 shares during the period. Klingman & Associates LLC’s holdings in Progressive were worth $325,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Kentucky Retirement Systems Insurance Trust Fund lifted its stake in Progressive by 12.7% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 19,548 shares of the insurance provider’s stock valued at $4,684,000 after acquiring an additional 2,208 shares during the period. Kestra Investment Management LLC lifted its stake in Progressive by 1.2% during the 4th quarter. Kestra Investment Management LLC now owns 3,965 shares of the insurance provider’s stock valued at $950,000 after acquiring an additional 47 shares during the period. Venturi Wealth Management LLC lifted its stake in Progressive by 5.0% during the 4th quarter. Venturi Wealth Management LLC now owns 63,128 shares of the insurance provider’s stock valued at $15,126,000 after acquiring an additional 2,989 shares during the period. D.A. Davidson & CO. lifted its stake in shares of Progressive by 0.8% in the 4th quarter. D.A. Davidson & CO. now owns 17,741 shares of the insurance provider’s stock worth $4,251,000 after purchasing an additional 149 shares during the period. Finally, Citizens & Northern Corp bought a new position in shares of Progressive in the 4th quarter worth approximately $222,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PGR shares. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Evercore ISI increased their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Barclays increased their target price on shares of Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, TD Cowen increased their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $275.88.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Up 2.2 %

Shares of PGR opened at $269.71 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $186.94 and a 1 year high of $270.79. The company has a 50 day simple moving average of $246.11 and a two-hundred day simple moving average of $248.36. The firm has a market cap of $158.00 billion, a P/E ratio of 18.73, a price-to-earnings-growth ratio of 0.66 and a beta of 0.42.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts expect that The Progressive Co. will post 14.44 earnings per share for the current fiscal 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 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is 2.78%.

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.