Pinnacle Financial Partners Inc Has $1.43 Million Stock Position in The Progressive Co. (NYSE:PGR)

Pinnacle Financial Partners Inc grew its position in The Progressive Co. (NYSE:PGR) by 7.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 5,860 shares of the insurance provider’s stock after purchasing an additional 386 shares during the period. Pinnacle Financial Partners Inc’s holdings in Progressive were worth $1,432,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Webster Bank N. A. acquired a new stake in shares of Progressive in the 4th quarter valued at $26,000. Hager Investment Management Services LLC acquired a new stake in shares of Progressive during the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. Valley National Advisers Inc. grew its stake in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares during the period. Finally, Independence Bank of Kentucky grew its stake in shares of Progressive by 1,650.0% during the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after purchasing an additional 165 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lori A. Niederst sold 3,855 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $247.06, for a total value of $952,416.30. Following the sale, the insider now owns 39,040 shares in the company, valued at $9,645,222.40. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock worth $13,983,575 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. BMO Capital Markets decreased their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Morgan Stanley lifted their price objective on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods decreased their price objective 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, JPMorgan Chase & Co. boosted their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $276.12.

Progressive Stock Performance

Shares of Progressive stock opened at $265.99 on Monday. The firm has a market cap of $155.82 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42. The stock’s 50-day moving average is $246.89 and its 200-day moving average is $249.35. The Progressive Co. has a one year low of $186.94 and a one year high of $270.79. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating 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%. Equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s dividend payout ratio (DPR) is 2.78%.

Progressive Company 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.