Blueshift Asset Management LLC Decreases Position in The Progressive Co. (NYSE:PGR)

Blueshift Asset Management LLC lowered its position in The Progressive Co. (NYSE:PGR) by 10.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 12,148 shares of the insurance provider’s stock after selling 1,468 shares during the quarter. Progressive comprises 1.1% of Blueshift Asset Management LLC’s portfolio, making the stock its 8th biggest position. Blueshift Asset Management LLC’s holdings in Progressive were worth $2,911,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Webster Bank N. A. acquired a new stake in Progressive in the 4th quarter valued at about $26,000. Hager Investment Management Services LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of 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 in the last quarter. Valley National Advisers Inc. raised its position in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Atala Financial Inc acquired a new position in Progressive during the 4th quarter worth $32,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 3.6 %

Progressive stock opened at $273.19 on Thursday. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $260.59 and a 200-day moving average of $254.70. The stock has a market capitalization of $160.14 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last released 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 return on equity of 33.79% and a net margin of 11.25%. On average, equities research analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive’s payout ratio is 2.78%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PGR. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a research report on Tuesday, December 10th. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a report on Friday, March 14th. Wells Fargo & Company lifted their price target on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. BMO Capital Markets cut their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research note on Thursday, December 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $281.76.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 1,542 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $435,861.72. Following the sale, the chief financial officer now owns 268,024 shares of the company’s stock, valued at $75,759,663.84. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,495 shares of company stock valued at $16,668,034 in the last quarter. 0.34% of the stock is currently owned by insiders.

Progressive 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.