Foster & Motley Inc. decreased its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 9.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,974 shares of the insurance provider’s stock after selling 437 shares during the quarter. Foster & Motley Inc.’s holdings in Progressive were worth $952,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in PGR. Davis Capital Management bought a new position in shares of Progressive during the 3rd quarter worth $25,000. Webster Bank N. A. bought a new stake in Progressive during the fourth quarter valued at about $26,000. DiNuzzo Private Wealth Inc. boosted its position in Progressive by 114.1% during 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 in the last quarter. Friedenthal Financial bought a new stake in Progressive during the third quarter valued at about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Progressive during the third quarter valued at about $49,000. Institutional investors own 85.34% of the company’s stock.
Insider Transactions at Progressive
In other Progressive news, CEO Susan Patricia Griffith sold 9,066 shares of the business’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 $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,506 shares of company stock valued at $13,031,159 over the last ninety days. Insiders own 0.34% of the company’s stock.
Progressive Stock Up 1.1 %
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Analysts predict that The Progressive Co. will post 13.51 earnings per share for the current fiscal year.
Progressive Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.91%.
Analysts Set New Price Targets
A number of brokerages recently weighed in on PGR. Wells Fargo & Company raised their price objective on Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a research report on Thursday. BMO Capital Markets dropped their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. JPMorgan Chase & Co. raised their price target on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods lowered their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Finally, Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $275.29.
Read Our Latest Stock Report on Progressive
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.
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