Eastern Bank Sells 3,472 Shares of The Progressive Co. (NYSE:PGR)

Eastern Bank lessened its stake in The Progressive Co. (NYSE:PGR - Free Report) by 13.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,645 shares of the insurance provider's stock after selling 3,472 shares during the quarter. Eastern Bank's holdings in Progressive were worth $5,426,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. State Street Corp lifted its position in shares of Progressive by 1.3% during the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock valued at $6,263,763,000 after buying an additional 315,411 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the last quarter. FMR LLC boosted its position in Progressive by 1.6% during the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock worth $2,669,204,000 after purchasing an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock worth $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider's stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the company's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now owns 33,612 shares of the company's stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock worth $8,222,168 over the last 90 days. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on PGR. Morgan Stanley reiterated an "overweight" rating and issued a $310.00 price objective on shares of Progressive in a research note on Friday, December 13th. Keefe, Bruyette & Woods decreased their price objective on Progressive from $295.00 to $294.00 and set an "outperform" rating on the stock in a research note on Friday. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. Hsbc Global Res cut Progressive from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 10th. Finally, Bank of America increased their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a "buy" rating in a report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $275.24.

Progressive Trading Up 0.1 %

Shares of Progressive stock traded up $0.23 during trading on Monday, reaching $235.84. 3,023,554 shares of the stock were exchanged, compared to its average volume of 2,623,248. The Progressive Co. has a 1 year low of $166.92 and a 1 year high of $270.62. The firm has a market cap of $138.16 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock's fifty day moving average is $251.23 and its 200 day moving average is $241.78.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities research analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Friday, January 10th. Progressive's payout ratio is 2.91%.

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.