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

12th Street Asset Management Company LLC cut its stake in The Progressive Co. (NYSE:PGR - Free Report) by 7.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 121,469 shares of the insurance provider's stock after selling 9,461 shares during the quarter. Progressive makes up approximately 4.8% of 12th Street Asset Management Company LLC's investment portfolio, making the stock its 8th largest position. 12th Street Asset Management Company LLC's holdings in Progressive were worth $29,105,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Webster Bank N. A. acquired a new position in shares of Progressive during the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive during the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after buying an additional 41 shares during the period. Valley National Advisers Inc. raised its stake in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock worth $29,000 after buying an additional 120 shares during the period. Finally, Atala Financial Inc acquired a new position in shares of Progressive during the 4th quarter worth approximately $32,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. HSBC downgraded Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. Raymond James upgraded Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price target for the company in a research report on Thursday, December 26th. Bank of America decreased their price objective on Progressive from $333.00 to $318.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Wells Fargo & Company raised their price objective on Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Finally, Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $281.76.

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Insider Activity

In related news, insider Andrew J. Quigg sold 681 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares of the company's stock, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,257 shares of company stock worth $15,752,781. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Up 1.6 %

Progressive stock traded up $4.47 during midday trading on Friday, reaching $283.87. 2,223,359 shares of the stock traded hands, compared to its average volume of 2,388,837. The company has a 50-day simple moving average of $258.14 and a two-hundred day simple moving average of $254.03. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $287.49. The firm has a market cap of $166.41 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last announced its 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%. Research analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's payout ratio is presently 2.78%.

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.