The Progressive Co. (NYSE:PGR) is Covey Capital Advisors LLC’s 6th Largest Position

Covey Capital Advisors LLC decreased its position in The Progressive Co. (NYSE:PGR) by 8.9% in the fourth quarter, HoldingsChannel reports. The firm owned 19,957 shares of the insurance provider’s stock after selling 1,952 shares during the period. Progressive accounts for about 5.4% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 6th biggest holding. Covey Capital Advisors LLC’s holdings in Progressive were worth $4,782,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. Jennison Associates LLC raised its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its holdings in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after acquiring an additional 641,943 shares during the period. International Assets Investment Management LLC raised its holdings in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after acquiring an additional 594,330 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Progressive by 102.3% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock worth $260,102,000 after acquiring an additional 518,262 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,361 shares of company stock valued at $13,983,575. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. BMO Capital Markets dropped their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. JPMorgan Chase & Co. lifted their target price 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. Wells Fargo & Company lifted their target price on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have given 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 $276.12.

Progressive Trading Down 0.7 %

PGR opened at $267.83 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a market cap of $156.90 billion, a price-to-earnings ratio of 18.60, a price-to-earnings-growth ratio of 0.68 and a beta of 0.42. The firm has a 50 day simple moving average of $246.61 and a 200 day simple moving average of $248.49. The Progressive Co. has a fifty-two week low of $186.94 and a fifty-two week high of $270.79.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, sell-side analysts anticipate that The Progressive Co. will post 14.5 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is presently 2.78%.

Progressive 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.