Private Trust Co. NA Sells 269 Shares of The Progressive Co. (NYSE:PGR)

Private Trust Co. NA trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,231 shares of the insurance provider’s stock after selling 269 shares during the quarter. Private Trust Co. NA’s holdings in Progressive were worth $2,451,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of PGR. PFG Investments LLC bought a new position in shares of Progressive in the third quarter valued at about $244,000. Diversify Advisory Services LLC acquired a new position in shares of Progressive during the third quarter worth approximately $235,000. Evermay Wealth Management LLC grew its stake in shares of Progressive by 17.7% during the third quarter. Evermay Wealth Management LLC now owns 685 shares of the insurance provider’s stock valued at $174,000 after purchasing an additional 103 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in shares of Progressive by 1.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 16,065 shares of the insurance provider’s stock valued at $4,077,000 after buying an additional 217 shares during the period. Finally, SteelPeak Wealth LLC raised its stake in shares of Progressive by 739.9% during the third quarter. SteelPeak Wealth LLC now owns 8,693 shares of the insurance provider’s stock worth $2,206,000 after buying an additional 7,658 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on PGR. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research note on Thursday, December 26th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Roth Mkm lifted their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays increased their target price on Progressive from $261.00 to $264.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 18th. Finally, JPMorgan Chase & Co. boosted their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $277.59.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 11,021 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at approximately $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 90 days, insiders sold 46,361 shares of company stock valued at $11,302,675. 0.34% of the stock is owned by insiders.

Progressive Price Performance

NYSE PGR opened at $279.02 on Friday. The Progressive Co. has a 12-month low of $186.94 and a 12-month high of $280.25. The firm’s 50 day moving average is $249.41 and its 200-day moving average is $250.50. The company has a market capitalization of $163.45 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders 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 0.14%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.78%.

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.