Insigneo Advisory Services LLC Decreases Holdings in The Progressive Co. (NYSE:PGR)

Insigneo Advisory Services LLC trimmed its holdings in The Progressive Co. (NYSE:PGR) by 45.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,791 shares of the insurance provider’s stock after selling 2,352 shares during the quarter. Insigneo Advisory Services LLC’s holdings in Progressive were worth $669,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Main Street Financial Solutions LLC boosted its position in Progressive by 35.0% during the fourth quarter. Main Street Financial Solutions LLC now owns 1,603 shares of the insurance provider’s stock valued at $384,000 after buying an additional 416 shares during the period. Regal Investment Advisors LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $257,000. United Capital Financial Advisors LLC boosted its holdings in Progressive by 5.2% during the 4th quarter. United Capital Financial Advisors LLC now owns 19,096 shares of the insurance provider’s stock valued at $4,576,000 after acquiring an additional 951 shares during the period. Jump Financial LLC grew its position in Progressive by 16.8% during the 4th quarter. Jump Financial LLC now owns 86,076 shares of the insurance provider’s stock worth $20,625,000 after acquiring an additional 12,351 shares during the last quarter. Finally, Kane Investment Management Inc. purchased a new position in Progressive in the 4th quarter worth approximately $869,000. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PGR shares. Morgan Stanley increased their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Wells Fargo & Company increased their price target on shares of Progressive from $317.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, April 10th. Barclays boosted their price objective on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. Bank of America lowered shares of Progressive from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $300.00 to $287.00 in a report on Friday, April 4th. Finally, UBS Group upped their price target on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 14th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $283.71.

Progressive Price Performance

PGR opened at $275.82 on Thursday. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The company has a market cap of $161.70 billion, a price-to-earnings ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. 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 fifty day simple moving average of $273.44 and a two-hundred day simple moving average of $257.68.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a $0.10 dividend. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 2.78%.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $115,255,231.44. This trade represents a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. This represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock worth $14,844,282 in the last 90 days. Insiders own 0.34% of the company’s stock.

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.