MassMutual Private Wealth & Trust FSB Trims Stake in The Progressive Co. (NYSE:PGR)

MassMutual Private Wealth & Trust FSB lessened its holdings in The Progressive Co. (NYSE:PGR) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,929 shares of the insurance provider’s stock after selling 91 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in Progressive were worth $462,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. State Street Corp boosted its stake in Progressive by 1.3% during the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after buying an additional 315,411 shares during the period. Geode Capital Management LLC boosted its position 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 worth $3,652,235,000 after purchasing an additional 1,682,213 shares during the period. FMR LLC increased its holdings in Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after purchasing an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares during the period. Finally, Legal & General Group Plc lifted its stake in Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after purchasing an additional 92,212 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,938 shares of company stock valued at $7,473,490 in the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $240.64 on Wednesday. The business has a 50 day moving average price of $249.85 and a 200 day moving average price of $242.95. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a market cap of $140.97 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 0.64 and a beta of 0.41. The Progressive Co. has a fifty-two week low of $169.57 and a fifty-two week high of $270.62.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s payout ratio is 2.91%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PGR. Raymond James upgraded 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 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 note on Tuesday, December 10th. Morgan Stanley lowered their price objective on shares of Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Tuesday. Evercore ISI upped their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, TD Cowen raised their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $274.65.

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.