The Progressive Co. (NYSE:PGR) Shares Bought by CX Institutional

CX Institutional grew its position in The Progressive Co. (NYSE:PGR) by 21.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,060 shares of the insurance provider’s stock after buying an additional 907 shares during the period. CX Institutional’s holdings in Progressive were worth $1,213,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Davis Capital Management purchased a new position in Progressive in the third quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. grew its holdings in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC acquired a new stake in shares of Progressive during the 2nd quarter worth about $36,000. Friedenthal Financial purchased a new stake in Progressive in the 3rd quarter valued at about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Progressive in the third quarter valued at about $49,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PGR. TD Cowen boosted their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Jefferies Financial Group upped their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Morgan Stanley decreased their target price on Progressive from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $274.65.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 42,506 shares of company stock worth $10,531,159. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $238.58 on Friday. The firm has a market cap of $139.76 billion, a P/E ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 52-week low of $175.50 and a 52-week high of $270.62. The business’s 50-day moving average price is $248.62 and its 200 day moving average price is $243.11. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s payout ratio is currently 2.91%.

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.