Spinnaker Trust Invests $510,000 in The Progressive Co. (NYSE:PGR)

Spinnaker Trust acquired a new position in shares of The Progressive Co. (NYSE:PGR - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,130 shares of the insurance provider's stock, valued at approximately $510,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Creative Planning increased its stake in shares of Progressive by 14.9% in the third quarter. Creative Planning now owns 70,443 shares of the insurance provider's stock worth $17,876,000 after acquiring an additional 9,114 shares during the period. Cornerstone Wealth Management LLC purchased a new position in shares of Progressive in the third quarter worth about $223,000. nVerses Capital LLC purchased a new stake in shares of Progressive in the third quarter valued at approximately $152,000. Good Life Advisors LLC purchased a new stake in shares of Progressive in the third quarter valued at about $372,000. Finally, Global Retirement Partners LLC increased its holdings in shares of Progressive by 11.9% during the 3rd quarter. Global Retirement Partners LLC now owns 3,070 shares of the insurance provider's stock worth $779,000 after buying an additional 326 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several research analyst reports. HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. TD Cowen boosted 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. Barclays raised their price objective on shares of Progressive from $261.00 to $264.00 and gave the company an "equal weight" rating in a research note on Tuesday. Hsbc Global Res lowered Progressive from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 10th. Finally, Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and a consensus price target of $275.88.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 9,066 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 $2,194,878.60. Following the completion of the transaction, the chief executive officer now owns 473,736 shares of the company's stock, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares of the company's stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 56,361 shares of company stock worth $13,983,575. Company insiders own 0.34% of the company's stock.

Progressive Stock Performance

PGR traded up $5.78 during trading on Wednesday, reaching $269.71. The company's stock had a trading volume of 3,164,212 shares, compared to its average volume of 2,519,993. 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 company's fifty day moving average price is $245.59 and its 200-day moving average price is $248.21. The Progressive Co. has a 52-week low of $186.94 and a 52-week high of $270.79. The company has a market capitalization of $158.00 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 0.66 and a beta of 0.42.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (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 analysts forecast that The Progressive Co. will post 14.44 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.78%.

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.