Berbice Capital Management LLC Invests $120,000 in The Progressive Co. (NYSE:PGR)

Berbice Capital Management LLC bought a new position in The Progressive Co. (NYSE:PGR) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 500 shares of the insurance provider’s stock, valued at approximately $120,000.

Other hedge funds have also recently modified their holdings of the company. Davis Capital Management bought a new position in shares of Progressive in the third quarter worth about $25,000. DiNuzzo Private Wealth Inc. lifted its stake in Progressive by 114.1% in 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 purchased a new stake in Progressive in the second quarter worth about $36,000. Friedenthal Financial purchased a new stake in Progressive in the third quarter worth about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Progressive in the third quarter worth about $49,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated 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 of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $234,044.98. Following the completion of the transaction, the insider now directly owns 34,787 shares of the company’s stock, valued at approximately $8,463,329.23. This represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,506 shares of company stock worth $10,531,159 in the last quarter. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PGR. Keefe, Bruyette & Woods decreased their price target 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. JPMorgan Chase & Co. increased their price objective 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. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research report on Tuesday, December 10th. Finally, Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $274.65.

Progressive Trading Down 0.1 %

Shares of NYSE:PGR opened at $238.84 on Friday. The business’s 50 day moving average price is $248.98 and its 200-day moving average price is $243.14. 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 firm has a market capitalization of $139.91 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 1 year low of $175.50 and a 1 year high of $270.62.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders 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 annualized dividend and a dividend yield of 0.17%. Progressive’s dividend 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.