The Progressive Co. (NYSE:PGR) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. lessened its position in The Progressive Co. (NYSE:PGR) by 62.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,145 shares of the insurance provider’s stock after selling 23,392 shares during the period. Edgestream Partners L.P.’s holdings in Progressive were worth $3,389,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Webster Bank N. A. acquired a new position in Progressive in the 4th quarter valued at $26,000. Hager Investment Management Services LLC acquired a new stake in shares of Progressive during the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC grew its position in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the period. Valley National Advisers Inc. increased its stake in Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Independence Bank of Kentucky lifted its position in Progressive by 1,650.0% during the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after buying an additional 165 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,361 shares of company stock worth $14,102,075. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $279.77 on Friday. The firm has a 50-day moving average of $254.23 and a two-hundred day moving average of $252.70. 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 stock has a market cap of $164.00 billion, a P/E ratio of 19.43, a PEG ratio of 1.70 and a beta of 0.35. The Progressive Co. has a 1-year low of $194.49 and a 1-year high of $287.49.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, research analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is currently 2.78%.

Wall Street Analyst Weigh In

PGR has been the topic of several research analyst reports. Barclays raised their target price on shares of Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 18th. Keefe, Bruyette & Woods reduced their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research note on Tuesday, December 10th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research report on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $277.59.

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.