Bank of Jackson Hole Trust Makes New Investment in The Progressive Co. (NYSE:PGR)

Bank of Jackson Hole Trust purchased a new position in shares of The Progressive Co. (NYSE:PGR) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 1,301 shares of the insurance provider’s stock, valued at approximately $312,000.

Other institutional investors have also made changes to their positions in the company. Webster Bank N. A. acquired a new stake in shares of Progressive during the fourth quarter worth approximately $26,000. Hager Investment Management Services LLC acquired a new stake in shares of Progressive during the fourth quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. Valley National Advisers Inc. boosted its holdings in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares during the period. Finally, Independence Bank of Kentucky boosted its holdings in shares of 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 purchasing an additional 165 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 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 value of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,361 shares of company stock worth $13,983,575. Insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.4 %

NYSE:PGR opened at $263.59 on Wednesday. The Progressive Co. has a 12 month low of $186.94 and a 12 month high of $270.62. The firm has a market cap of $154.41 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 0.66 and a beta of 0.42. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company’s 50 day moving average is $245.59 and its 200-day moving average is $248.21.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities analysts anticipate that The Progressive Co. will post 14.44 EPS for the current year.

Progressive Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on PGR. Wells Fargo & Company raised their price target on shares of Progressive from $302.00 to $313.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Evercore ISI raised their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research report on Thursday, December 26th. Finally, Morgan Stanley raised their price objective on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average target price of $275.88.

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.