OLD National Bancorp IN Raises Holdings in The Progressive Co. (NYSE:PGR)

OLD National Bancorp IN increased its position in The Progressive Co. (NYSE:PGR) by 4.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,692 shares of the insurance provider’s stock after buying an additional 72 shares during the period. OLD National Bancorp IN’s holdings in Progressive were worth $405,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. boosted its position in shares of Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after acquiring an additional 41 shares during the last quarter. LRI Investments LLC lifted its position in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares during the last quarter. Castleview Partners LLC grew its stake in shares of Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after buying an additional 45 shares in the last quarter. Washington Trust Bank increased its holdings in shares of Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after buying an additional 45 shares during the last quarter. Finally, Kelleher Financial Advisors raised its position in shares of Progressive by 4.7% during the 4th quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider’s stock valued at $238,000 after buying an additional 45 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the company. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Wells Fargo & Company increased their price target on Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a report on Thursday. Barclays dropped their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Finally, Morgan Stanley increased their target price on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $275.71.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at $115,255,231.44. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,361 shares of company stock valued at $13,983,575 over the last three months. 0.34% of the stock is owned by company insiders.

Progressive Stock Performance

Shares of NYSE:PGR opened at $246.78 on Friday. The firm’s 50 day simple moving average is $247.01 and its 200-day simple moving average is $244.51. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a one year low of $176.37 and a one year high of $270.62. The firm has a market cap of $144.57 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 0.64 and a beta of 0.41.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 34.32% and a net margin of 11.25%. As a group, equities analysts predict that The Progressive Co. will post 14.03 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is currently 2.78%.

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.