The Progressive Co. (NYSE:PGR) Stake Trimmed by Fmr LLC

FMR LLC decreased its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,234,159 shares of the insurance provider's stock after selling 284,456 shares during the quarter. FMR LLC owned approximately 1.75% of Progressive worth $2,452,207,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Webster Bank N. A. purchased a new stake in shares of Progressive during the 4th quarter valued at approximately $26,000. Hager Investment Management Services LLC purchased a new stake in Progressive in the fourth quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC lifted 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 valued at $28,000 after purchasing an additional 41 shares during the last quarter. Valley National Advisers Inc. grew its holdings 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 purchasing an additional 120 shares during the period. Finally, Atala Financial Inc acquired a new stake in shares of Progressive during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Up 1.0 %

NYSE PGR traded up $2.80 during mid-day trading on Friday, reaching $275.98. 1,211,088 shares of the company's stock traded hands, compared to its average volume of 2,655,044. The company has a fifty day simple moving average of $271.29 and a 200-day simple moving average of $257.07. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a market cap of $161.79 billion, a price-to-earnings ratio of 19.07, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

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Progressive (NYSE:PGR - Get Free Report) last posted its quarterly 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 return on equity of 33.79% and a net margin of 11.25%. As a group, equities research analysts expect that The Progressive Co. will post 14.68 EPS 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 issued a dividend of $0.10 per share. 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 dividend payout ratio (DPR) is presently 2.78%.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 962 shares of the company's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $234,044.98. Following the completion of the transaction, the insider now owns 34,787 shares in the company, valued at approximately $8,463,329.23. This represents a 2.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 11,021 shares of the company's stock in a transaction dated 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. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,317 shares of company stock worth $14,844,282. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods lowered their price target on Progressive from $300.00 to $288.00 and set an "outperform" rating for the company in a research report on Wednesday. Barclays boosted their price objective on Progressive from $264.00 to $285.00 and gave the company an "equal weight" rating in a report on Thursday, March 13th. Finally, Roth Mkm raised their target price on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $281.59.

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.