Tectonic Advisors LLC Sells 1,530 Shares of The Progressive Co. (NYSE:PGR)

Tectonic Advisors LLC reduced its position in The Progressive Co. (NYSE:PGR) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,684 shares of the insurance provider’s stock after selling 1,530 shares during the quarter. Tectonic Advisors LLC’s holdings in Progressive were worth $8,790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Geode Capital Management LLC increased its stake in Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after buying an additional 1,682,213 shares in the last quarter. Jennison Associates LLC grew its position in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after purchasing an additional 641,943 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after purchasing an additional 594,330 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Progressive by 102.3% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock valued at $260,102,000 after buying an additional 518,262 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PGR shares. Evercore ISI upped their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Keefe, Bruyette & Woods dropped their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.71.

Progressive Stock Down 0.3 %

Shares of NYSE PGR opened at $248.13 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The firm has a 50-day simple moving average of $246.28 and a two-hundred day simple moving average of $245.29. The Progressive Co. has a 1 year low of $179.90 and a 1 year high of $270.62. The company has a market cap of $145.35 billion, a P/E ratio of 17.23, a PEG ratio of 0.63 and a beta of 0.42.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Research analysts anticipate that The Progressive Co. will post 14.4 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In related news, insider Lori A. Niederst sold 3,855 shares of Progressive stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total transaction of $952,416.30. Following the transaction, the insider now directly owns 39,040 shares of the company’s stock, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company’s stock, valued at approximately $67,530,756.28. This represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is currently owned by company 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.