Harbor Capital Advisors Inc. Lowers Holdings in The Progressive Co. (NYSE:PGR)

Harbor Capital Advisors Inc. trimmed its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 40.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,985 shares of the insurance provider's stock after selling 4,809 shares during the period. Harbor Capital Advisors Inc.'s holdings in Progressive were worth $1,674,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Raleigh Capital Management Inc. raised its holdings in shares of Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider's stock worth $60,000 after acquiring an additional 41 shares during the period. LRI Investments LLC increased its position in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after purchasing an additional 42 shares during the last quarter. Castleview Partners LLC raised its stake in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider's stock worth $434,000 after purchasing an additional 45 shares during the period. Washington Trust Bank boosted its holdings in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider's stock valued at $260,000 after purchasing an additional 45 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its holdings in Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider's stock valued at $54,000 after purchasing an additional 46 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $235.57 on Monday. The Progressive Co. has a 1 year low of $164.98 and a 1 year high of $270.62. The stock has a market capitalization of $138.00 billion, a PE ratio of 17.12, a PEG ratio of 0.70 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50-day simple moving average of $251.34 and a 200-day simple moving average of $241.61.

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

Progressive Announces Dividend

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

Insiders Place Their Bets

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the business'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 $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares of the company's stock, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 681 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value 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 approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,919 shares of company stock valued at $8,222,168 in the last ninety days. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Jefferies Financial Group lifted their price target on shares of Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Bank of America lifted their target price on Progressive from $331.00 to $335.00 and gave the company a "buy" rating in a research report on Monday, November 18th. Wells Fargo & Company increased their price target on Progressive from $299.00 to $302.00 and gave the stock an "overweight" rating in a report on Monday, December 16th. TD Cowen upped their target price on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Finally, Roth Mkm lifted their price target on shares of Progressive from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Progressive presently has an average rating of "Moderate Buy" and an average price target of $275.24.

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.