The Progressive Co. (NYSE:PGR) Shares Sold by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC lowered its position in shares of The Progressive Co. (NYSE:PGR) by 15.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,670 shares of the insurance provider’s stock after selling 833 shares during the period. Pallas Capital Advisors LLC’s holdings in Progressive were worth $1,119,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Davis Capital Management purchased a new stake in Progressive in the third quarter valued at approximately $25,000. DiNuzzo Private Wealth Inc. increased its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC purchased a new stake in shares of Progressive in the second quarter valued at about $36,000. Friedenthal Financial acquired a new stake in shares of Progressive during the third quarter worth about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Progressive during the third quarter worth about $49,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays lowered their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. BMO Capital Markets lowered their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $275.24.

Progressive Stock Performance

Shares of PGR stock opened at $235.84 on Tuesday. 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 stock has a market cap of $138.16 billion, a PE ratio of 17.14, a P/E/G ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 1 year low of $166.92 and a 1 year high of $270.62. The stock has a fifty day moving average price of $251.23 and a 200 day moving average price of $241.78.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Sell-side analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insider Activity

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly 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 32,919 shares of company stock worth $8,222,168 over the last ninety days. 0.34% of the stock is currently owned by insiders.

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.