The Progressive Co. (NYSE:PGR) Shares Sold by Greenfield Savings Bank

Greenfield Savings Bank lessened its stake in The Progressive Co. (NYSE:PGR) by 0.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,300 shares of the insurance provider’s stock after selling 112 shares during the quarter. Progressive accounts for about 1.9% of Greenfield Savings Bank’s portfolio, making the stock its 12th largest position. Greenfield Savings Bank’s holdings in Progressive were worth $3,906,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Davis Capital Management acquired a new position in Progressive during the 3rd quarter worth $25,000. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new position in shares of Progressive during the second quarter valued at approximately $36,000. Friedenthal Financial bought a new stake in Progressive during the third quarter worth approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Progressive in the third quarter worth approximately $49,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a report on Thursday, December 26th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods cut their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday. JPMorgan Chase & Co. upped their price target on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Finally, Evercore ISI increased their target price on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $275.24.

Progressive Trading Up 0.1 %

PGR stock opened at $235.84 on Tuesday. The stock has a market cap of $138.16 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. The company has a fifty day moving average price of $251.23 and a two-hundred day moving average price of $241.78. The Progressive Co. has a one year low of $166.92 and a one year high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 33.10% and a net margin of 11.27%. Equities analysts anticipate that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors 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 0.17%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio is currently 2.91%.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 9,066 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 transaction of $2,194,878.60. Following the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,919 shares of company stock worth $8,222,168. Corporate 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.