Ballentine Partners LLC Acquires 149 Shares of The Progressive Co. (NYSE:PGR)

Ballentine Partners LLC raised its stake in shares of The Progressive Co. (NYSE:PGR) by 1.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,185 shares of the insurance provider’s stock after purchasing an additional 149 shares during the quarter. Ballentine Partners LLC’s holdings in Progressive were worth $2,838,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Davis Capital Management bought a new stake in Progressive in the third quarter valued at $25,000. WR Wealth Planners LLC lifted its holdings in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive during the first quarter worth about $32,000. Hilltop National Bank increased its holdings in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new position in shares of Progressive in the first quarter valued at approximately $35,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of PGR stock opened at $246.87 on Friday. The firm has a fifty day moving average of $250.14 and a 200-day moving average of $224.95. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $144.58 billion, a price-to-earnings ratio of 17.94, a price-to-earnings-growth ratio of 0.68 and a beta of 0.35. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is presently 2.91%.

Insider Buying and Selling

In other news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised their price target on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup reduced their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. BMO Capital Markets reduced their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Jefferies Financial Group lifted their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average price target of $263.19.

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.