Insigneo Advisory Services LLC Decreases Stock Holdings in The Progressive Co. (NYSE:PGR)

Insigneo Advisory Services LLC lessened its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 45.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,791 shares of the insurance provider's stock after selling 2,352 shares during the quarter. Insigneo Advisory Services LLC's holdings in Progressive were worth $669,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PGR. Vanguard Group Inc. lifted its position in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after acquiring an additional 583,376 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after purchasing an additional 189,638 shares in the last quarter. Norges Bank purchased a new position in shares of Progressive during the fourth quarter valued at approximately $1,843,045,000. Invesco Ltd. grew its holdings in Progressive by 2.9% during the fourth quarter. Invesco Ltd. now owns 5,521,545 shares of the insurance provider's stock worth $1,323,018,000 after buying an additional 153,044 shares in the last quarter. Finally, GQG Partners LLC raised its position in Progressive by 67.6% in the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock valued at $1,239,143,000 after buying an additional 2,085,833 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the topic of several analyst reports. UBS Group boosted their price target on shares of Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday, March 14th. Bank of America increased their price target on Progressive from $289.00 to $297.00 and gave the company a "neutral" rating in a research report on Thursday. JPMorgan Chase & Co. raised their target price on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. BMO Capital Markets boosted their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Jefferies Financial Group lowered their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $285.76.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the business's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares of the company's stock, valued at $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Andrew J. Quigg sold 962 shares of the firm's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $234,044.98. Following the transaction, the insider now directly owns 34,787 shares in the company, valued at $8,463,329.23. This trade represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock valued at $14,844,282 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of NYSE PGR traded down $9.68 during midday trading on Friday, hitting $265.45. 3,648,773 shares of the company's stock were exchanged, compared to its average volume of 2,636,730. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The company has a market cap of $155.62 billion, a price-to-earnings ratio of 18.43, a PEG 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. The business's fifty day moving average price is $273.91 and its two-hundred day moving average price is $257.86.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. As a group, research analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive's dividend payout ratio is 2.70%.

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.