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

Park Edge Advisors LLC decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 10.9% during the 4th quarter, according to the company in its most recent filing 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.

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

Progressive Stock Performance

Shares of PGR opened at $238.58 on Friday. The stock has a 50 day moving average of $248.27 and a 200 day moving average of $243.31. The company has a market capitalization 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 Progressive Co. has a 12 month low of $175.50 and a 12 month high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PGR shares. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Wells Fargo & Company upped their price objective on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Finally, StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $274.65.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 585 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $142,324.65. Following the transaction, the chief accounting officer now directly owns 3,983 shares of the company’s stock, valued at approximately $969,024.07. This trade represents a 12.81 % 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 worth $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.