Marino Stram & Associates LLC Sells 1,000 Shares of The Progressive Co. (NYSE:PGR)

Marino Stram & Associates LLC lowered its position in The Progressive Co. (NYSE:PGR) by 19.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,071 shares of the insurance provider’s stock after selling 1,000 shares during the quarter. Marino Stram & Associates LLC’s holdings in Progressive were worth $1,033,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Vanguard Group Inc. boosted its holdings in Progressive by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after acquiring an additional 285,070 shares during the period. Capital International Investors increased its position in shares of Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares during the period. Legal & General Group Plc boosted its holdings in shares of Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after purchasing an additional 92,212 shares during the period. American Century Companies Inc. grew its position in shares of Progressive by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after buying an additional 69,709 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in Progressive by 16.8% in the first quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock worth $351,289,000 after acquiring an additional 244,541 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

PGR traded down $0.52 during midday trading on Monday, hitting $250.60. 671,595 shares of the company traded hands, compared to its average volume of 2,487,846. The company’s 50-day moving average is $248.81 and its 200 day moving average is $224.24. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $146.78 billion, a PE ratio of 25.70, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Buying and Selling at Progressive

In related news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,862 shares of company stock worth $17,926,234. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Roth Mkm increased their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Bank of America lifted their price target on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. BMO Capital Markets decreased their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $268.81.

About Progressive

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.