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

PB Investment Partners L.P. cut its stake in The Progressive Co. (NYSE:PGR) by 15.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,856 shares of the insurance provider’s stock after selling 11,959 shares during the period. Progressive comprises approximately 12.0% of PB Investment Partners L.P.’s portfolio, making the stock its 6th largest position. PB Investment Partners L.P.’s holdings in Progressive were worth $16,019,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. KFG Wealth Management LLC lifted its stake in Progressive by 16.9% in the 4th quarter. KFG Wealth Management LLC now owns 1,289 shares of the insurance provider’s stock valued at $309,000 after buying an additional 186 shares in the last quarter. First Citizens Bank & Trust Co. increased its holdings in Progressive by 14.4% in the 4th quarter. First Citizens Bank & Trust Co. now owns 2,329 shares of the insurance provider’s stock valued at $558,000 after purchasing an additional 293 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc grew its stake in shares of Progressive by 40.4% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 238,250 shares of the insurance provider’s stock valued at $57,132,000 after buying an additional 68,589 shares in the last quarter. Linden Thomas Advisory Services LLC raised its stake in shares of Progressive by 31.2% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 3,940 shares of the insurance provider’s stock valued at $944,000 after purchasing an additional 936 shares during the period. Finally, Cyndeo Wealth Partners LLC lifted its holdings in Progressive by 11.4% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 11,148 shares of the insurance provider’s stock worth $2,671,000 after buying an additional 1,145 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of Progressive stock opened at $238.58 on Friday. The Progressive Co. has a 1-year low of $175.50 and a 1-year high of $270.62. The company has a 50 day moving average of $248.27 and a 200-day moving average of $243.31. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap 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.

Progressive Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have commented on PGR shares. Evercore ISI increased their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Bank of America increased their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Jefferies Financial Group boosted their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. TD Cowen raised their target price on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Finally, Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. 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, the company presently 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 681 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,506 shares of company stock worth $10,531,159 over the last three months. Company insiders own 0.34% of the company’s stock.

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.