The Progressive Co. (NYSE:PGR) Shares Sold by CHB Investment Group LLC

CHB Investment Group LLC lessened its position in The Progressive Co. (NYSE:PGR) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,138 shares of the insurance provider’s stock after selling 138 shares during the period. Progressive makes up 1.6% of CHB Investment Group LLC’s portfolio, making the stock its 20th biggest position. CHB Investment Group LLC’s holdings in Progressive were worth $2,908,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the period. Jennison Associates LLC lifted its position in shares of Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Progressive by 75.3% in the 3rd 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 acquiring an additional 641,943 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of PGR stock opened at $235.84 on Tuesday. The Progressive Co. has a 12 month low of $166.92 and a 12 month high of $270.62. 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 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 stock has a 50-day moving average price of $251.23 and a 200 day moving average price of $241.78.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Research analysts expect that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Announces Dividend

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

Insider Activity

In other news, insider Steven Broz sold 2,981 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % 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 link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,919 shares of company stock valued at $8,222,168. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PGR. HSBC downgraded 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. Evercore ISI boosted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company lifted their target price on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $275.24.

Progressive 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.