CHB Investment Group LLC Sells 138 Shares of The Progressive Co. (NYSE:PGR)

CHB Investment Group LLC trimmed its stake in shares of The Progressive Co. (NYSE:PGR) by 1.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 12,138 shares of the insurance provider’s stock after selling 138 shares during the quarter. Progressive comprises about 1.6% of CHB Investment Group LLC’s portfolio, making the stock its 20th biggest holding. CHB Investment Group LLC’s holdings in Progressive were worth $2,908,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at about $25,000. DiNuzzo Private Wealth Inc. increased its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new position in Progressive during the second quarter valued at approximately $36,000. Friedenthal Financial bought a new stake in Progressive during the third quarter worth $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Progressive in the 3rd quarter valued at $49,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PGR shares. Evercore ISI upped their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Jefferies Financial Group lifted their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods cut their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday. Six 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, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $275.24.

Progressive Stock Up 0.1 %

Shares of Progressive stock opened at $235.84 on Tuesday. The firm has a market cap of $138.16 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.70 and a beta of 0.41. The Progressive Co. has a one year low of $166.92 and a one year high of $270.62. The stock’s 50-day moving average is $251.23 and its 200 day moving average is $241.78. 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 announced its quarterly earnings data 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. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities research analysts anticipate that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now directly owns 282,958 shares of the company’s stock, valued at $67,530,756.28. The trade was a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock valued at $8,222,168 over the last ninety days. 0.34% of the stock is owned by company insiders.

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.