Keybank National Association OH Sells 2,454 Shares of The Progressive Co. (NYSE:PGR)

Keybank National Association OH cut its stake in The Progressive Co. (NYSE:PGR - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 73,842 shares of the insurance provider's stock after selling 2,454 shares during the quarter. Keybank National Association OH's holdings in Progressive were worth $17,693,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Webster Bank N. A. bought a new stake in Progressive during the fourth quarter valued at $26,000. Hager Investment Management Services LLC bought a new stake in Progressive during the fourth quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC boosted its stake in Progressive by 54.7% during 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 during the period. Valley National Advisers Inc. boosted its stake in Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after buying an additional 120 shares during the period. Finally, Independence Bank of Kentucky boosted its stake in Progressive by 1,650.0% during the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider's stock valued at $42,000 after buying an additional 165 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Down 0.5 %

NYSE:PGR traded down $1.35 during mid-day trading on Wednesday, reaching $281.84. 2,485,532 shares of the company's stock traded hands, compared to its average volume of 2,634,508. The Progressive Co. has a 12-month low of $191.00 and a 12-month high of $287.49. The firm has a market capitalization of $165.11 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 1.70 and a beta of 0.42. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a 50 day moving average price of $252.70 and a 200-day moving average price of $252.11.

Progressive (NYSE:PGR - Get Free Report) last announced 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%. On average, sell-side analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive's dividend payout ratio is presently 2.78%.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $279.94, for a total transaction of $2,799,400.00. Following the transaction, the chief financial officer now owns 269,566 shares in the company, valued at approximately $75,462,306.04. This represents a 3.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 11,021 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the transaction, the chief executive officer now owns 473,736 shares in the company, valued at $115,255,231.44. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,361 shares of company stock worth $14,102,075. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. HSBC lowered Progressive from a "buy" rating to a "hold" rating and set a $267.00 price objective for the company. in a research note on Tuesday, December 10th. Bank of America lifted their price target on Progressive from $331.00 to $335.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. Raymond James raised Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price target for the company in a research note on Thursday, December 26th. Finally, Evercore ISI lifted their price target on Progressive from $277.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $277.59.

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.