Patten & Patten Inc. TN Sells 1,997 Shares of The Progressive Co. (NYSE:PGR)

Patten & Patten Inc. TN lowered its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 150,109 shares of the insurance provider's stock after selling 1,997 shares during the quarter. Progressive accounts for 2.4% of Patten & Patten Inc. TN's holdings, making the stock its 6th biggest position. Patten & Patten Inc. TN's holdings in Progressive were worth $35,968,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Webster Bank N. A. purchased a new position in shares of Progressive in the 4th quarter valued at about $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive in the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after buying an additional 41 shares in the last quarter. Valley National Advisers Inc. raised its stake in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock worth $29,000 after buying an additional 120 shares during the period. Finally, Atala Financial Inc purchased a new position in shares of Progressive during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 1,227 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $281.00, for a total value of $344,787.00. Following the completion of the sale, the executive now directly owns 28,393 shares of the company's stock, valued at approximately $7,978,433. This represents a 4.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,257 shares of company stock worth $15,752,781 over the last 90 days. 0.34% of the stock is owned by insiders.

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Progressive Stock Up 2.8 %

Progressive stock traded up $8.00 during mid-day trading on Monday, reaching $291.69. 3,454,385 shares of the company's stock were exchanged, compared to its average volume of 2,379,282. The company has a fifty day moving average of $259.18 and a 200-day moving average of $254.36. The company has a market cap of $170.99 billion, a P/E ratio of 20.26, 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 Progressive Co. has a twelve month low of $201.34 and a twelve month high of $291.40.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared 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. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's dividend payout ratio is presently 2.78%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PGR shares. UBS Group boosted their target price on shares of Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday. Morgan Stanley boosted their price objective on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. BMO Capital Markets reduced their target price on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a research report on Monday, December 16th. StockNews.com downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Friday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an "overweight" rating in a research note on Friday, January 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $281.76.

Progressive 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.