Fidelity D & D Bancorp Inc. Has $458,000 Stake in The Progressive Co. (NYSE:PGR)

Fidelity D & D Bancorp Inc. cut its stake in The Progressive Co. (NYSE:PGR) by 4.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,806 shares of the insurance provider’s stock after selling 79 shares during the quarter. Fidelity D & D Bancorp Inc.’s holdings in Progressive were worth $458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Geode Capital Management LLC raised its position in Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Progressive by 75.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after purchasing an additional 641,943 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In other news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,839 shares of company stock worth $6,718,965 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. TD Cowen boosted their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Evercore ISI lifted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $270.69.

Progressive Stock Performance

Shares of PGR stock traded up $7.95 during trading on Friday, reaching $250.71. 332,817 shares of the company’s stock traded hands, compared to its average volume of 2,470,826. The firm’s 50-day moving average is $253.98 and its 200 day moving average is $236.23. The company has a market capitalization of $146.87 billion, a P/E ratio of 17.64, a PEG ratio of 0.68 and a beta of 0.38. The Progressive Co. has a 1 year low of $149.14 and a 1 year 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 (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities research analysts expect that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, January 9th. Progressive’s payout ratio is presently 2.91%.

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.