Avalon Trust Co Has $27.77 Million Stock Position in The Progressive Co. (NYSE:PGR)

Avalon Trust Co lessened its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 31.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,890 shares of the insurance provider's stock after selling 53,983 shares during the period. Progressive comprises 2.0% of Avalon Trust Co's holdings, making the stock its 11th largest position. Avalon Trust Co's holdings in Progressive were worth $27,768,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Atlantic Edge Private Wealth Management LLC grew its holdings 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 buying an additional 41 shares in the last quarter. LRI Investments LLC grew its stake in shares of Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after acquiring an additional 42 shares in the last quarter. SYM FINANCIAL Corp raised its holdings in shares of Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock valued at $384,000 after purchasing an additional 44 shares during the last quarter. Monument Capital Management lifted its position in shares of Progressive by 0.3% in the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock worth $3,298,000 after purchasing an additional 44 shares in the last quarter. Finally, Kelleher Financial Advisors boosted its holdings in Progressive by 4.7% during the fourth quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider's stock worth $238,000 after purchasing an additional 45 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages have issued reports on PGR. HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 price target on the stock. in a research note on Tuesday, December 10th. Roth Mkm upped their target price on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. 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 note on Thursday, December 26th. UBS Group upped their price objective on Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Progressive currently has an average rating of "Moderate Buy" and an average target price of $281.76.

Progressive Stock Performance

Shares of PGR traded down $7.89 during midday trading on Tuesday, reaching $283.33. 1,887,911 shares of the stock were exchanged, compared to its average volume of 2,681,415. The stock's 50 day simple moving average is $259.18 and its 200 day simple moving average is $254.36. The company has a market cap of $166.09 billion, a P/E ratio of 19.67, a PEG ratio of 1.70 and a beta of 0.35. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share 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%. On average, sell-side analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Activity

In other news, CEO Susan Patricia Griffith sold 11,021 shares of the business's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the transaction, the chief executive officer now owns 473,736 shares of the company's stock, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 1,696 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $479,391.36. Following the completion of the sale, the executive now directly owns 26,697 shares in the company, valued at $7,546,174.02. This trade represents a 5.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 65,495 shares of company stock worth $16,668,034. 0.34% of the stock is currently owned by company insiders.

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.