Parsons Capital Management Inc. RI Sells 3,086 Shares of The Progressive Co. (NYSE:PGR)

Parsons Capital Management Inc. RI lessened its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 10.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,869 shares of the insurance provider's stock after selling 3,086 shares during the quarter. Parsons Capital Management Inc. RI's holdings in Progressive were worth $6,678,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Davis Capital Management purchased a new position in Progressive in the 3rd quarter valued at about $25,000. Webster Bank N. A. acquired a new position in shares of Progressive in the fourth quarter worth $26,000. DiNuzzo Private Wealth Inc. grew its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new position in shares of Progressive during the second quarter worth about $36,000. Finally, Friedenthal Financial purchased a new position in shares of Progressive in the 3rd quarter valued at about $49,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Up 3.4 %

Shares of NYSE PGR traded up $8.01 during midday trading on Monday, reaching $246.83. 2,251,876 shares of the company's stock were exchanged, compared to its average volume of 2,625,725. The business's fifty day moving average price is $248.27 and its two-hundred day moving average price is $243.79. The Progressive Co. has a 52-week low of $175.50 and a 52-week high of $270.62. The stock has a market capitalization of $144.60 billion, a PE ratio of 17.94, a price-to-earnings-growth ratio of 0.62 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.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive's dividend payout ratio (DPR) is 2.91%.

Analysts Set New Price Targets

PGR has been the topic of a number of recent research reports. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. TD Cowen raised their price target on shares of Progressive from $197.00 to $237.00 and gave the stock a "hold" rating in a research note on Friday, November 8th. Hsbc Global Res lowered shares of Progressive from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 10th. Wells Fargo & Company boosted their price target on Progressive from $299.00 to $302.00 and gave the company an "overweight" rating in a report on Monday, December 16th. Finally, StockNews.com upgraded Progressive from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.65.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm'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 sale, the chief accounting officer now directly owns 3,982 shares of the company's stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,506 shares of company stock worth $10,531,159 in the last three months. 0.34% of the stock is owned by insiders.

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.