The Progressive Co. (NYSE:PGR) Stake Cut by PB Investment Partners L.P.

PB Investment Partners L.P. reduced its position in shares of The Progressive Co. (NYSE:PGR) by 15.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,856 shares of the insurance provider’s stock after selling 11,959 shares during the period. Progressive makes up 12.0% of PB Investment Partners L.P.’s portfolio, making the stock its 6th biggest holding. PB Investment Partners L.P.’s holdings in Progressive were worth $16,019,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PGR. Dorsey Wright & Associates bought a new position in shares of Progressive during the second quarter valued at about $1,466,000. Kathmere Capital Management LLC purchased a new position in Progressive in the 2nd quarter worth approximately $399,000. SkyView Investment Advisors LLC grew its stake in shares of Progressive by 11.1% in the second quarter. SkyView Investment Advisors LLC now owns 7,883 shares of the insurance provider’s stock worth $1,637,000 after acquiring an additional 787 shares during the period. Ascent Group LLC increased its position in shares of Progressive by 9.9% during the 2nd quarter. Ascent Group LLC now owns 36,937 shares of the insurance provider’s stock valued at $7,672,000 after purchasing an additional 3,313 shares during the last quarter. Finally, Magnolia Capital Advisors LLC bought a new position in shares of Progressive in the second quarter worth about $8,820,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.4 %

PGR stock opened at $238.58 on Friday. The stock has a market capitalization of $139.76 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. 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 52 week low of $175.50 and a 52 week high of $270.62. The firm has a 50 day moving average of $248.27 and a 200 day moving average of $243.31.

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research note on Thursday, December 26th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Jefferies Financial Group raised their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $234,044.98. Following the sale, the insider now owns 34,787 shares of the company’s stock, valued at approximately $8,463,329.23. This trade represents a 2.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,506 shares of company stock worth $10,531,159 over the last quarter. 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.