Frank Rimerman Advisors LLC Increases Stock Holdings in The Progressive Co. (NYSE:PGR)

Frank Rimerman Advisors LLC lifted its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 14.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,686 shares of the insurance provider's stock after buying an additional 1,119 shares during the period. Frank Rimerman Advisors LLC's holdings in Progressive were worth $2,081,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Greykasell Wealth Strategies Inc. purchased a new position in Progressive in the fourth quarter worth $1,280,000. Poinciana Advisors Group LLC purchased a new position in Progressive in the fourth quarter worth $329,000. First National Trust Co boosted its position in Progressive by 607.9% in the fourth quarter. First National Trust Co now owns 19,950 shares of the insurance provider's stock worth $4,780,000 after purchasing an additional 17,132 shares during the last quarter. Carret Asset Management LLC boosted its position in Progressive by 0.4% in the fourth quarter. Carret Asset Management LLC now owns 22,500 shares of the insurance provider's stock worth $5,391,000 after purchasing an additional 100 shares during the last quarter. Finally, Renasant Bank boosted its position in Progressive by 36.9% in the fourth quarter. Renasant Bank now owns 1,810 shares of the insurance provider's stock worth $434,000 after purchasing an additional 488 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 9,066 shares of the company's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their position. The transaction 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 the company's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of 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. In the last three months, insiders sold 62,257 shares of company stock worth $15,752,781. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $283.87 on Friday. The firm has a market capitalization of $166.41 billion, a P/E ratio of 19.71, a P/E/G ratio of 1.70 and a beta of 0.35. 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 50-day simple moving average is $258.14 and its two-hundred day simple moving average is $253.97. The Progressive Co. has a twelve month low of $199.57 and a twelve month high of $287.49.

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Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share 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 analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a $0.10 dividend. 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 0.14%. Progressive's dividend payout ratio is currently 2.78%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. BMO Capital Markets cut their price objective on Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Hsbc Global Res lowered Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Bank of America lowered their target price on Progressive from $333.00 to $318.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Finally, Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. 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.

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