Central Bank & Trust Co. Sells 2,534 Shares of The Progressive Co. (NYSE:PGR)

Central Bank & Trust Co. trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 8.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,053 shares of the insurance provider’s stock after selling 2,534 shares during the quarter. Central Bank & Trust Co.’s holdings in Progressive were worth $6,722,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raleigh Capital Management Inc. boosted its position in shares of Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares during the period. LRI Investments LLC lifted its stake in shares of Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after buying an additional 42 shares in the last quarter. Castleview Partners LLC boosted its holdings in 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 during the period. Washington Trust Bank increased its stake in 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 in the last quarter. Finally, Sunbelt Securities Inc. raised its holdings in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 46 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $114,691,485.60. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,938 shares of company stock worth $7,473,490 over the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.7 %

Shares of PGR opened at $243.79 on Tuesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62. The company has a market cap of $142.82 billion, a P/E ratio of 17.72, a P/E/G ratio of 0.64 and a beta of 0.41. The company’s fifty day simple moving average is $250.18 and its 200-day simple moving average is $242.71.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Bank of America lifted their price objective 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. Keefe, Bruyette & Woods dropped their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

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.