Park Edge Advisors LLC Sells 524 Shares of The Progressive Co. (NYSE:PGR)

Park Edge Advisors LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 10.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,302 shares of the insurance provider’s stock after selling 524 shares during the period. Park Edge Advisors LLC’s holdings in Progressive were worth $1,031,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Davis Capital Management bought a new stake in Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. boosted its holdings in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC purchased a new position in shares of Progressive during the 2nd quarter valued at $36,000. Friedenthal Financial bought a new position in shares of Progressive in the third quarter worth $49,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progressive in the third quarter worth $49,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

NYSE PGR opened at $238.58 on Friday. The firm has a market cap of $139.76 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 0.62 and a beta of 0.41. The company has a 50-day simple moving average of $248.27 and a two-hundred day simple moving average of $243.31. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $175.50 and a 12-month high of $270.62.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a research note on Thursday, December 26th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays decreased their price target on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $274.65.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 962 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $234,044.98. Following the sale, the insider now owns 34,787 shares of the company’s stock, valued at $8,463,329.23. This represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,506 shares of company stock valued at $10,531,159 in the last ninety days. Company 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.