Asset Dedication LLC Lowers Holdings in The Progressive Co. (NYSE:PGR)

Asset Dedication LLC trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 2.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,611 shares of the insurance provider’s stock after selling 128 shares during the quarter. Asset Dedication LLC’s holdings in Progressive were worth $1,424,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Fisher Asset Management LLC raised its holdings in Progressive by 12.1% in the 4th quarter. Fisher Asset Management LLC now owns 9,920 shares of the insurance provider’s stock worth $1,580,000 after acquiring an additional 1,067 shares during the last quarter. Moody National Bank Trust Division purchased a new position in shares of Progressive in the first quarter worth $345,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Progressive by 4.3% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,765 shares of the insurance provider’s stock valued at $365,000 after purchasing an additional 73 shares in the last quarter. Signal Advisors Wealth LLC purchased a new stake in shares of Progressive during the first quarter valued at $528,000. Finally, Fulton Bank N.A. increased its holdings in Progressive by 5.3% in the 1st quarter. Fulton Bank N.A. now owns 5,518 shares of the insurance provider’s stock worth $1,141,000 after buying an additional 279 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 1.5 %

Shares of PGR stock opened at $255.37 on Thursday. The company has a market capitalization of $149.57 billion, a price-to-earnings ratio of 26.14, a PEG ratio of 0.69 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company’s fifty day moving average price is $247.56 and its 200-day moving average price is $223.57. The Progressive Co. has a one year low of $149.14 and a one year high of $260.46.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The business’s revenue was up 21.6% on a year-over-year basis. Sell-side analysts expect that The Progressive Co. will post 13.07 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued 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 yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

Insiders Place Their Bets

In other news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction 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 transaction, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction 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 directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,383 shares of company stock worth $33,446,453 in the last three months. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PGR. Wells Fargo & Company upped their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday. Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research note on Monday, August 12th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $268.19.

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.