Capco Asset Management LLC Decreases Stake in The Progressive Co. (NYSE:PGR)

Capco Asset Management LLC trimmed its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 1.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 325,422 shares of the insurance provider's stock after selling 5,121 shares during the period. Progressive accounts for 17.5% of Capco Asset Management LLC's investment portfolio, making the stock its biggest holding. Capco Asset Management LLC owned 0.06% of Progressive worth $77,974,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in PGR. Webster Bank N. A. purchased a new position in shares of Progressive during the fourth quarter valued at $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive during the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC grew its stake in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after acquiring an additional 41 shares in the last quarter. Valley National Advisers Inc. increased its holdings in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares during the period. Finally, Atala Financial Inc purchased a new stake in shares of Progressive in the fourth quarter worth approximately $32,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of NYSE PGR traded up $0.03 during trading hours on Tuesday, hitting $274.03. 1,013,190 shares of the company's stock were exchanged, compared to its average volume of 2,839,243. The company's 50-day moving average price is $262.72 and its 200-day moving average price is $255.19. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The stock has a market capitalization of $160.64 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

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

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive's dividend payout ratio is 2.78%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PGR shares. Wells Fargo & Company boosted their price objective on shares of Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. UBS Group boosted their price target on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 14th. Roth Mkm increased their price objective on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods raised their price target on Progressive from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Thursday, March 20th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Progressive has a consensus rating of "Moderate Buy" and an average target price of $281.06.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares of the company's stock, valued at approximately $180,891.35. This represents a 35.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the 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 transaction, the insider now owns 33,612 shares of the company's stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,855 shares of company stock worth $16,767,455. 0.34% of the stock is currently owned by company 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.