Avalon Trust Co Reduces Stock Holdings in The Progressive Co. (NYSE:PGR)

Avalon Trust Co lowered its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 31.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 115,890 shares of the insurance provider's stock after selling 53,983 shares during the quarter. Progressive comprises 2.0% of Avalon Trust Co's portfolio, 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 (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Webster Bank N. A. bought a new position in shares of Progressive in the 4th quarter worth about $26,000. Hager Investment Management Services LLC bought a new stake in shares of Progressive in the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Progressive by 54.7% in 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 last quarter. Valley National Advisers Inc. raised its stake in Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after buying an additional 120 shares during the last quarter. Finally, Atala Financial Inc purchased a new stake in shares of Progressive in the fourth quarter worth $32,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares of the company's stock, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,495 shares of company stock worth $16,668,034 over the last ninety days. Corporate insiders own 0.34% of the company's stock.

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Progressive Stock Performance

NYSE:PGR traded down $10.97 during mid-day trading on Wednesday, hitting $272.32. 2,676,462 shares of the company traded hands, compared to its average volume of 2,397,761. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The stock's fifty day moving average price is $259.99 and its 200-day moving average price is $254.57. The firm has a market cap of $159.63 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results 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 net margin of 11.25% and a return on equity of 33.79%. Research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal 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 dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive's dividend payout ratio is presently 2.78%.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Raymond James raised shares of 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. Keefe, Bruyette & Woods decreased their price target on Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a research note on Friday, January 10th. Barclays upped their price target on Progressive from $264.00 to $285.00 and gave the company an "equal weight" rating in a report on Thursday, March 13th. Roth Mkm lifted their price objective on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, BMO Capital Markets lowered their target price on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target 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.