TriaGen Wealth Management LLC Lowers Position in The Progressive Co. (NYSE:PGR)

TriaGen Wealth Management LLC reduced its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 66.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,723 shares of the insurance provider's stock after selling 5,475 shares during the quarter. TriaGen Wealth Management LLC's holdings in Progressive were worth $652,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PGR. Webster Bank N. A. acquired a new position in shares of Progressive during the fourth quarter worth approximately $26,000. DiNuzzo Private Wealth Inc. raised its holdings 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 buying an additional 73 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progressive in the third quarter valued at $49,000. Friedenthal Financial bought a new stake in shares of Progressive during the third quarter worth about $49,000. Finally, Morse Asset Management Inc bought a new stake in shares of Progressive during the third quarter worth about $55,000. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

NYSE PGR traded down $2.44 on Friday, hitting $246.78. 3,047,487 shares of the stock traded hands, compared to its average volume of 2,415,087. The firm has a market capitalization of $144.57 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.64 and a beta of 0.41. The business's fifty day moving average is $247.01 and its two-hundred day moving average is $244.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 12 month low of $176.37 and a 12 month high of $270.62.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 34.32% and a net margin of 11.25%. As a group, equities analysts anticipate that The Progressive Co. will post 14.03 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors 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 was Friday, January 10th. Progressive's payout ratio is currently 2.78%.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company's stock, valued at approximately $67,530,756.28. This represents a 3.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the firm's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares of the company's stock, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,361 shares of company stock valued at $13,983,575. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PGR. TD Cowen lifted their price target on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research note on Friday, November 8th. Wells Fargo & Company lifted their target price on Progressive from $302.00 to $313.00 and gave the company an "overweight" rating in a research report on Thursday. Bank of America increased their price target on Progressive from $331.00 to $335.00 and gave the company a "buy" rating in a research report on Monday, November 18th. HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. raised their price target on shares of Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a research report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $275.71.

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.