Pinnacle Wealth Planning Services Inc. Has $945,000 Stock Holdings in The Progressive Co. (NYSE:PGR)

Pinnacle Wealth Planning Services Inc. trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 21.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,942 shares of the insurance provider’s stock after selling 1,102 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Progressive were worth $945,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PGR. Webster Bank N. A. acquired a new position in shares of Progressive during the 4th quarter worth about $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive in the 4th quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC lifted its stake in Progressive by 54.7% in the 4th 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 last quarter. Valley National Advisers Inc. lifted its stake in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Independence Bank of Kentucky lifted its stake in Progressive by 1,650.0% in the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after purchasing an additional 165 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $279.94, for a total value of $2,799,400.00. Following the transaction, the chief financial officer now directly owns 269,566 shares of the company’s stock, valued at $75,462,306.04. This trade represents a 3.58 % 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, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’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 transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $14,102,075 over the last three months. 0.34% of the stock is owned by insiders.

Progressive Stock Down 0.5 %

Shares of PGR opened at $281.84 on Thursday. The Progressive Co. has a 12 month low of $191.00 and a 12 month high of $287.49. The firm’s 50 day moving average is $252.70 and its 200-day moving average is $252.11. The stock has a market capitalization of $165.11 billion, a PE ratio of 19.57, a P/E/G ratio of 1.70 and a beta of 0.42. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS 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%. Equities research analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 2.78%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PGR shares. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a research note on Thursday, December 26th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Roth Mkm raised their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Finally, Barclays raised their price objective on shares of Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 18th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $277.59.

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.