The Progressive Co. (NYSE:PGR) Holdings Trimmed by Belpointe Asset Management LLC

Belpointe Asset Management LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 3.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 4,302 shares of the insurance provider’s stock after selling 153 shares during the quarter. Belpointe Asset Management LLC’s holdings in Progressive were worth $1,085,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Versant Capital Management Inc lifted its stake in Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 391 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Progressive by 2,262.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after purchasing an additional 415,628 shares during the period. Signal Advisors Wealth LLC lifted its holdings in shares of Progressive by 42.3% during the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock valued at $2,849,000 after purchasing an additional 3,534 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Progressive by 30.5% in the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock valued at $255,882,000 after purchasing an additional 249,958 shares during the period. Finally, Oddo BHF Asset Management Sas purchased a new position in Progressive in the 3rd quarter worth about $35,253,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $115,255,231.44. This trade represents a 2.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 962 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the transaction, the insider now owns 34,787 shares of the company’s stock, valued at approximately $8,463,329.23. This trade represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 56,317 shares of company stock valued at $14,844,282. Company insiders own 0.34% of the company’s stock.

Progressive Trading Up 1.2 %

Shares of NYSE:PGR opened at $278.85 on Tuesday. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The firm has a fifty day moving average price of $272.44 and a 200 day moving average price of $257.43. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $163.47 billion, a PE ratio of 19.36, a P/E/G ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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%. Analysts expect that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive’s payout ratio is 2.78%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $300.00 to $288.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. BMO Capital Markets decreased their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, UBS Group lifted their price target on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, March 14th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $283.71.

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.