Coyle Financial Counsel LLC Reduces Stake in The Progressive Co. (NYSE:PGR)

Coyle Financial Counsel LLC reduced its position in The Progressive Co. (NYSE:PGR) by 25.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,565 shares of the insurance provider’s stock after selling 3,540 shares during the period. Progressive accounts for approximately 0.8% of Coyle Financial Counsel LLC’s investment portfolio, making the stock its 20th largest holding. Coyle Financial Counsel LLC’s holdings in Progressive were worth $2,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC lifted its position in Progressive by 10.9% during the third quarter. Private Advisor Group LLC now owns 11,958 shares of the insurance provider’s stock valued at $3,034,000 after purchasing an additional 1,176 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Progressive by 10.8% during the third quarter. Assenagon Asset Management S.A. now owns 18,371 shares of the insurance provider’s stock valued at $4,662,000 after purchasing an additional 1,789 shares in the last quarter. Allworth Financial LP lifted its position in Progressive by 7.0% during the third quarter. Allworth Financial LP now owns 7,313 shares of the insurance provider’s stock valued at $1,856,000 after purchasing an additional 481 shares in the last quarter. Arkadios Wealth Advisors lifted its position in Progressive by 113.8% during the third quarter. Arkadios Wealth Advisors now owns 3,247 shares of the insurance provider’s stock valued at $824,000 after purchasing an additional 1,728 shares in the last quarter. Finally, PFG Investments LLC purchased a new position in Progressive during the third quarter valued at $244,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the business’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 sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $114,691,485.60. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 over the last ninety days. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. BMO Capital Markets lowered their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. JPMorgan Chase & Co. boosted their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted their price objective on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Barclays boosted their price objective on Progressive from $261.00 to $264.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 18th. Finally, StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $276.12.

Progressive Trading Up 2.5 %

Shares of PGR stock opened at $272.91 on Tuesday. The Progressive Co. has a 12-month low of $186.94 and a 12-month high of $275.52. 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’s 50-day moving average price is $247.35 and its 200-day moving average price is $249.74. The stock has a market capitalization of $159.87 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 return on equity of 33.79% and a net margin of 11.25%. Equities research analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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