First Hawaiian Bank Lowers Holdings in The Progressive Co. (NYSE:PGR)

First Hawaiian Bank lowered its holdings in The Progressive Co. (NYSE:PGR) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,769 shares of the insurance provider’s stock after selling 688 shares during the quarter. First Hawaiian Bank’s holdings in Progressive were worth $3,778,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of 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 acquiring an additional 1,682,213 shares during the last quarter. Jennison Associates LLC raised its position in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in Progressive by 75.3% during the third 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 position in shares of Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after buying an additional 594,330 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Progressive by 206.8% in the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after buying an additional 590,235 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PGR shares. TD Cowen increased their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Evercore ISI increased their price target 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. Barclays cut their target price on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday. Bank of America raised their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Finally, HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.00.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 9,066 shares of the company’s 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 $2,194,878.60. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $114,691,485.60. This represents a 1.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred 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 $67,530,756.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,919 shares of company stock worth $8,222,168 in the last 90 days. 0.34% of the stock is owned by insiders.

Progressive Stock Up 0.5 %

Progressive stock traded up $1.17 during mid-day trading on Wednesday, hitting $243.45. The company had a trading volume of 2,553,618 shares, compared to its average volume of 2,319,655. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 1 year low of $164.16 and a 1 year high of $270.62. The business has a fifty day moving average of $251.46 and a 200 day moving average of $240.94. The stock has a market cap of $142.62 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, sell-side analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued 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 0.16%. Progressive’s payout ratio is 2.91%.

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.