Harvest Fund Management Co. Ltd Has $2.95 Million Stock Position in The Progressive Co. (NYSE:PGR)

Harvest Fund Management Co. Ltd lessened its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 8.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 12,293 shares of the insurance provider's stock after selling 1,132 shares during the period. Harvest Fund Management Co. Ltd's holdings in Progressive were worth $2,948,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC grew its position in shares of Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after buying an additional 42 shares during the period. SYM FINANCIAL Corp increased its stake in shares of Progressive by 2.8% in the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock valued at $384,000 after acquiring an additional 44 shares during the last quarter. Monument Capital Management raised its position in shares of Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock valued at $3,298,000 after acquiring an additional 44 shares during the period. Finally, Kelleher Financial Advisors boosted its stake in Progressive by 4.7% during the 4th quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider's stock worth $238,000 after acquiring an additional 45 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Remove Ads

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 1,542 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the transaction, the chief financial officer now directly owns 268,024 shares of the company's stock, valued at $75,759,663.84. This represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now directly owns 33,612 shares of the company's stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,495 shares of company stock valued at $16,668,034. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on PGR. StockNews.com upgraded shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday. Roth Mkm upped their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Wells Fargo & Company lifted their target price on Progressive from $313.00 to $317.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. HSBC downgraded Progressive from a "buy" rating to a "hold" rating and set a $267.00 price target for the company. in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lifted their price objective on Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a report on Friday, January 3rd. 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 has a consensus rating of "Moderate Buy" and an average target price of $281.06.

Progressive Stock Performance

NYSE:PGR traded down $1.54 during mid-day trading on Friday, hitting $273.08. The stock had a trading volume of 7,280,100 shares, compared to its average volume of 2,433,405. The company's 50 day simple moving average is $261.96 and its 200 day simple moving average is $255.01. The stock has a market cap of $160.08 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's dividend payout ratio is presently 2.78%.

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.