Graypoint LLC Sells 52 Shares of The Progressive Co. (NYSE:PGR)

Graypoint LLC decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,680 shares of the insurance provider’s stock after selling 52 shares during the quarter. Graypoint LLC’s holdings in Progressive were worth $1,121,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc grew its stake in shares of Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after buying an additional 391 shares during the last quarter. Townsquare Capital LLC grew its stake in shares of Progressive by 90.9% during the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after buying an additional 3,720 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after purchasing an additional 11,770 shares during the period. Sycomore Asset Management boosted its holdings in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the 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 $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,919 shares of company stock valued at $8,222,168. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research reports. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a report on Thursday, December 26th. TD Cowen boosted their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Wells Fargo & Company boosted their price target on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Finally, BMO Capital Markets lowered their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $275.24.

Progressive Price Performance

NYSE PGR opened at $235.57 on Friday. The stock’s fifty day moving average price is $251.34 and its 200 day moving average price is $241.14. The Progressive Co. has a 1 year low of $164.98 and a 1 year high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market cap of $138.00 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities research analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a $0.10 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s payout ratio is currently 2.91%.

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.