Stock Yards Bank & Trust Co. Sells 193 Shares of The Progressive Co. (NYSE:PGR)

Stock Yards Bank & Trust Co. reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 11.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,428 shares of the insurance provider’s stock after selling 193 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Progressive were worth $342,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Webster Bank N. A. acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $26,000. Valley National Advisers Inc. boosted its holdings in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares during the last quarter. Independence Bank of Kentucky boosted its holdings in shares of Progressive by 1,650.0% in the 4th quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after buying an additional 165 shares during the last quarter. Finally, Friedenthal Financial acquired a new stake in shares of Progressive in the 3rd quarter valued at approximately $49,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lori A. Niederst sold 3,855 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total value of $952,416.30. Following the transaction, the insider now owns 39,040 shares in the company, valued at $9,645,222.40. The trade was a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,361 shares of company stock worth $13,983,575. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $248.13 on Wednesday. The stock has a market cap of $145.35 billion, a P/E ratio of 17.23, a price-to-earnings-growth ratio of 0.63 and a beta of 0.42. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock’s 50-day moving average is $246.68 and its 200-day moving average is $245.09. The Progressive Co. has a 1-year low of $179.90 and a 1-year high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings results 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 33.79% and a net margin of 11.25%. Equities research analysts anticipate that The Progressive Co. will post 14.4 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued 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 2.78%.

Analysts Set New Price Targets

PGR has been the subject of several recent analyst reports. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a report on Thursday, December 26th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a report on Tuesday, December 10th. Evercore ISI raised their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lifted their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus 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.