The Progressive Co. (NYSE:PGR) Shares Sold by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division cut its position in The Progressive Co. (NYSE:PGR) by 9.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 24,210 shares of the insurance provider’s stock after selling 2,574 shares during the period. Progressive makes up 0.8% of Central Pacific Bank Trust Division’s portfolio, making the stock its 16th biggest holding. Central Pacific Bank Trust Division’s holdings in Progressive were worth $5,801,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Everence Capital Management Inc. boosted its stake in shares of Progressive by 22.4% in the 4th quarter. Everence Capital Management Inc. now owns 25,520 shares of the insurance provider’s stock valued at $6,115,000 after buying an additional 4,670 shares during the period. GAMMA Investing LLC increased its position in shares of Progressive by 4.8% in the 4th quarter. GAMMA Investing LLC now owns 7,734 shares of the insurance provider’s stock valued at $1,853,000 after purchasing an additional 354 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 391 shares in the last quarter. SMART Wealth LLC purchased a new stake in shares of Progressive during the 3rd quarter worth $295,000. Finally, DGS Capital Management LLC purchased a new position in Progressive in the third quarter valued at $458,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. TD Cowen boosted their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a report on Thursday, December 26th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. BMO Capital Markets dropped their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.94.

Progressive Price Performance

PGR stock traded up $2.12 during trading on Friday, reaching $242.77. 764,358 shares of the company were exchanged, compared to its average volume of 1,927,230. The stock’s 50 day moving average price is $251.58 and its 200 day moving average price is $239.85. The Progressive Co. has a 52-week low of $161.56 and a 52-week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market cap of $142.22 billion, a P/E ratio of 17.64, a PEG ratio of 0.70 and a beta of 0.38.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, analysts predict that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, January 9th. Progressive’s payout ratio is currently 2.91%.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction 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 sale, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, 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. Insiders have sold 22,981 shares of company stock valued at $5,816,178 over the last quarter. Corporate 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.