Chevy Chase Trust Holdings LLC Trims Stock Holdings in The Progressive Co. (NYSE:PGR)

Chevy Chase Trust Holdings LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 307,672 shares of the insurance provider's stock after selling 6,516 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Progressive worth $73,721,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of PGR. Creative Planning grew its position in shares of Progressive by 14.9% in the 3rd quarter. Creative Planning now owns 70,443 shares of the insurance provider's stock valued at $17,876,000 after purchasing an additional 9,114 shares during the period. Sumitomo Life Insurance Co. boosted its holdings in shares of Progressive by 2.8% in the third quarter. Sumitomo Life Insurance Co. now owns 4,855 shares of the insurance provider's stock valued at $1,232,000 after buying an additional 131 shares during the period. Amplius Wealth Advisors LLC bought a new stake in shares of Progressive during the third quarter worth $212,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Progressive during the third quarter worth $223,000. Finally, Mezzasalma Advisors LLC lifted its position in Progressive by 28.9% in the 3rd quarter. Mezzasalma Advisors LLC now owns 6,089 shares of the insurance provider's stock valued at $1,545,000 after acquiring an additional 1,367 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 0.4 %

NYSE:PGR traded up $0.99 during trading hours on Tuesday, hitting $263.59. 2,609,619 shares of the company traded hands, compared to its average volume of 2,499,197. The Progressive Co. has a one year low of $186.94 and a one year high of $270.62. 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 company has a market cap of $154.41 billion, a PE ratio of 18.30, a PEG ratio of 0.64 and a beta of 0.42. The firm's 50-day simple moving average is $245.26 and its 200-day simple moving average is $247.88.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results 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%. Equities analysts predict that The Progressive Co. will post 14.44 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date was Friday, January 10th. Progressive's payout ratio is 2.78%.

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 681 shares of the firm's stock in a transaction 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 directly owns 33,612 shares of the company's stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PGR shares. Evercore ISI increased their price objective on Progressive from $277.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday, November 6th. Morgan Stanley lifted their price objective on shares of Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a report on Friday, January 31st. HSBC cut shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a report on Tuesday, December 10th. TD Cowen lifted their price target on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research note on Friday, November 8th. Finally, StockNews.com upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $275.88.

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.