Community Trust & Investment Co. Buys Shares of 1,685 The Progressive Co. (NYSE:PGR)

Community Trust & Investment Co. bought a new stake in The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,685 shares of the insurance provider’s stock, valued at approximately $428,000.

Other large investors also recently bought and sold shares of the company. Aviance Capital Partners LLC acquired a new stake in Progressive in the first quarter valued at $3,628,000. Concurrent Investment Advisors LLC lifted its position in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Diversified Trust Co lifted its position in shares of Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC purchased a new stake in shares of Progressive in the first quarter valued at $1,890,000. Finally, Sycomore Asset Management lifted its position in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after acquiring an additional 2,450 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PGR shares. Roth Mkm upped their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Barclays began coverage on Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price on the stock. Keefe, Bruyette & Woods increased their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Progressive currently has an average rating of “Moderate Buy” and an average price target of $268.81.

Progressive Price Performance

PGR stock opened at $248.25 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $260.46. The firm has a market cap of $145.39 billion, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The stock has a 50-day simple moving average of $249.88 and a 200-day simple moving average of $224.79.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Insider Buying and Selling at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Progressive news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,862 shares of company stock worth $17,926,234 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

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.