First National Bank of Mount Dora Trust Investment Services lowered its holdings in The Progressive Co. (NYSE:PGR – Free Report) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,974 shares of the insurance provider’s stock after selling 945 shares during the quarter. Progressive accounts for 1.8% of First National Bank of Mount Dora Trust Investment Services’ holdings, making the stock its 15th largest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in Progressive were worth $7,661,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at $25,000. DiNuzzo Private Wealth Inc. grew its stake in shares of 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 buying an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in shares of Progressive in the second quarter valued at $36,000. Friedenthal Financial acquired a new stake in shares of Progressive in the third quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Progressive in the third quarter valued at $49,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Progressive Stock Down 0.7 %
Progressive stock opened at $243.79 on Friday. The Progressive Co. has a fifty-two week low of $166.92 and a fifty-two week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $142.82 billion, a P/E ratio of 17.72, a PEG ratio of 0.61 and a beta of 0.41. The stock has a 50-day simple moving average of $250.53 and a 200-day simple moving average of $242.03.
Progressive Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s payout ratio is currently 2.91%.
Wall Street Analysts Forecast Growth
PGR has been the subject of a number of research reports. TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. BMO Capital Markets lowered their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, Keefe, Bruyette & Woods lowered their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.
Insider Activity
In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’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 completion of the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. This represents a 4.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the company’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 sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 32,919 shares of company stock valued at $8,222,168. Insiders own 0.34% of the company’s stock.
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.
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