Artemis Investment Management LLP Boosts Position in The Progressive Co. (NYSE:PGR)

Artemis Investment Management LLP raised its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 3.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 180,711 shares of the insurance provider's stock after buying an additional 6,579 shares during the period. Artemis Investment Management LLP's holdings in Progressive were worth $43,300,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Davis Capital Management bought a new position in Progressive during the 3rd quarter valued at $25,000. DiNuzzo Private Wealth Inc. lifted its position in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Kimelman & Baird LLC purchased a new position in Progressive during the second quarter worth about $36,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Progressive in the 3rd quarter worth about $49,000. Finally, Friedenthal Financial purchased a new stake in Progressive in the 3rd quarter valued at about $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.7 %

Shares of PGR traded down $1.75 during mid-day trading on Monday, reaching $243.79. The company's stock had a trading volume of 1,967,879 shares, compared to its average volume of 2,000,825. The stock has a market cap of $142.82 billion, a PE ratio of 17.72, a P/E/G ratio of 0.61 and a beta of 0.41. The company's fifty day moving average price is $250.18 and its two-hundred day moving average price is $242.71. The Progressive Co. has a 52 week low of $166.92 and a 52 week high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid 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 dividend yield of 0.16%. Progressive's dividend payout ratio (DPR) is currently 2.91%.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,938 shares of company stock valued at $7,473,490 over the last 90 days. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

PGR has been the subject of a number of research analyst reports. TD Cowen increased their price target on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Jefferies Financial Group lifted their target price on Progressive from $257.00 to $295.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Wells Fargo & Company boosted their price target on shares of Progressive from $299.00 to $302.00 and gave the stock an "overweight" rating in a report on Monday, December 16th. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $295.00 to $294.00 and set an "outperform" rating on the stock in a research report on Friday, January 10th. Finally, Raymond James raised shares of Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 target price for the company in a research report on Thursday, December 26th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, Progressive has a consensus rating of "Moderate Buy" and a consensus price target of $275.24.

Progressive Company 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.