SteelPeak Wealth LLC Decreases Stake in The Progressive Co. (NYSE:PGR)

SteelPeak Wealth LLC trimmed its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 34.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 5,666 shares of the insurance provider's stock after selling 3,027 shares during the period. SteelPeak Wealth LLC's holdings in Progressive were worth $1,358,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Davis Capital Management purchased a new position in shares of Progressive in the 3rd quarter worth $25,000. Webster Bank N. A. acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $26,000. DiNuzzo Private Wealth Inc. raised its stake in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after acquiring an additional 73 shares during the period. Kimelman & Baird LLC acquired a new position in Progressive during the 2nd quarter valued at approximately $36,000. Finally, Friedenthal Financial acquired a new stake in shares of Progressive in the third quarter valued at approximately $49,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. TD Cowen upped their price objective on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a report on Friday, November 8th. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. raised their price target on Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a research report on Friday, January 3rd. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a research report on Friday, January 10th. Finally, Wells Fargo & Company boosted their price target on shares of Progressive from $302.00 to $313.00 and gave the company an "overweight" rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $275.29.

Progressive Stock Performance

Shares of NYSE:PGR traded up $2.80 during trading on Thursday, hitting $249.20. 2,374,341 shares of the company were exchanged, compared to its average volume of 2,667,077. The stock has a 50 day moving average of $247.67 and a 200 day moving average of $244.27. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 52-week low of $176.37 and a 52-week high of $270.62. The company has a market cap of $145.98 billion, a PE ratio of 18.11, a P/E/G ratio of 0.62 and a beta of 0.41.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts' consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities research analysts predict that The Progressive Co. will post 13.51 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive's dividend payout ratio is 2.91%.

Insiders Place Their Bets

In other Progressive news, Director Jeffrey D. Kelly sold 10,000 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $250.00, for a total value of $2,500,000.00. Following the completion of the transaction, the director now owns 27,741 shares of the company's stock, valued at approximately $6,935,250. The trade was a 26.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business's stock in a transaction 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 sale, the chief accounting officer now owns 3,982 shares of the company's stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,506 shares of company stock valued at $13,031,159. 0.34% of the stock is currently owned by corporate insiders.

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.