Diversified Trust Co Sells 6,466 Shares of The Progressive Co. (NYSE:PGR)

Diversified Trust Co lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 25.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 19,272 shares of the insurance provider’s stock after selling 6,466 shares during the quarter. Diversified Trust Co’s holdings in Progressive were worth $4,618,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Davis Capital Management purchased a new position in shares of Progressive in the third quarter worth about $25,000. DiNuzzo Private Wealth Inc. increased its stake in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC bought a new stake in Progressive in the second quarter valued at approximately $36,000. Sachetta LLC boosted its stake in shares of Progressive by 34.0% during the second quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 53 shares during the period. Finally, Friedenthal Financial bought a new position in shares of Progressive in the third quarter worth approximately $49,000. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other news, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,919 shares of company stock valued at $8,222,168 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.1 %

PGR stock traded up $2.70 on Tuesday, reaching $242.29. 510,807 shares of the company traded hands, compared to its average volume of 1,775,926. The firm has a fifty day simple moving average of $251.45 and a 200-day simple moving average of $240.70. The company has a market cap of $141.94 billion, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. The Progressive Co. has a one year low of $162.35 and a one year high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Research analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PGR shares. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research report on Thursday, December 26th. TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Barclays dropped their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a report on Monday. Wells Fargo & Company boosted their target price on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Finally, The Goldman Sachs Group raised their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Six research 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, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $275.00.

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.