Rhumbline Advisers lessened its position in The Progressive Co. (NYSE:PGR – Free Report) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,109,337 shares of the insurance provider’s stock after selling 28,079 shares during the period. Rhumbline Advisers’ holdings in Progressive were worth $265,808,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after buying an additional 1,682,213 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Progressive by 75.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after purchasing an additional 641,943 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Progressive by 102.3% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock valued at $260,102,000 after purchasing an additional 518,262 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Price Performance
Shares of PGR opened at $262.71 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company’s fifty day simple moving average is $244.80 and its 200 day simple moving average is $246.75. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $270.62. The company has a market cap of $153.90 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 0.64 and a beta of 0.42.
Progressive Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders 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 dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 2.78%.
Insider Buying and Selling
In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $115,255,231.44. This trade represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’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 completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by insiders.
Analysts Set New Price Targets
Several analysts have commented on the stock. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Bank of America increased their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Wells Fargo & Company boosted their price target on Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. increased their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.71.
Check Out Our Latest Stock Report on Progressive
Progressive Company Profile
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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