12th Street Asset Management Company LLC Sells 9,461 Shares of The Progressive Co. (NYSE:PGR)

12th Street Asset Management Company LLC reduced its stake in The Progressive Co. (NYSE:PGR - Free Report) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 121,469 shares of the insurance provider's stock after selling 9,461 shares during the period. Progressive accounts for about 4.8% of 12th Street Asset Management Company LLC's holdings, making the stock its 8th biggest position. 12th Street Asset Management Company LLC's holdings in Progressive were worth $29,105,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Prime Capital Investment Advisors LLC grew its position in shares of Progressive by 1.7% during the third quarter. Prime Capital Investment Advisors LLC now owns 5,577 shares of the insurance provider's stock worth $1,415,000 after acquiring an additional 93 shares during the last quarter. Empower Advisory Group LLC lifted its holdings in shares of Progressive by 65.8% during the third quarter. Empower Advisory Group LLC now owns 2,645 shares of the insurance provider's stock worth $671,000 after purchasing an additional 1,050 shares during the period. Haverford Trust Co lifted its holdings in shares of Progressive by 6.2% during the third quarter. Haverford Trust Co now owns 5,990 shares of the insurance provider's stock worth $1,520,000 after purchasing an additional 351 shares during the period. Pinnacle Financial Partners Inc lifted its holdings in shares of Progressive by 8.4% during the third quarter. Pinnacle Financial Partners Inc now owns 5,474 shares of the insurance provider's stock worth $1,389,000 after purchasing an additional 426 shares during the period. Finally, Plato Investment Management Ltd lifted its holdings in shares of Progressive by 6.2% during the third quarter. Plato Investment Management Ltd now owns 25,394 shares of the insurance provider's stock worth $6,437,000 after purchasing an additional 1,486 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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Progressive Price Performance

Progressive stock traded up $4.47 during midday trading on Friday, reaching $283.87. 2,223,359 shares of the company were exchanged, compared to its average volume of 2,388,837. The company has a market capitalization of $166.41 billion, a price-to-earnings ratio of 19.71, a P/E/G ratio of 1.70 and a beta of 0.35. The firm's 50-day simple moving average is $258.14 and its 200-day simple moving average is $254.03. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $287.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping 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%. On average, analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is 2.78%.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was 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 owns 473,736 shares of the company's stock, valued at $114,691,485.60. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 62,257 shares of company stock worth $15,752,781 in the last 90 days. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. UBS Group increased their price target on Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday. Barclays increased their price target on Progressive from $264.00 to $285.00 and gave the stock an "equal weight" rating in a report on Thursday. JPMorgan Chase & Co. raised their target price on Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a report on Friday, January 3rd. Raymond James raised Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 target price for the company in a report on Thursday, December 26th. Finally, Wells Fargo & Company raised their target price on Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $281.76.

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.