Tectonic Advisors LLC Sells 1,530 Shares of The Progressive Co. (NYSE:PGR)

Tectonic Advisors LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 4.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,684 shares of the insurance provider’s stock after selling 1,530 shares during the period. Tectonic Advisors LLC’s holdings in Progressive were worth $8,790,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in Progressive by 13.2% in the third 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 boosted its holdings in shares of Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Progressive by 75.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after acquiring an additional 641,943 shares during the period. International Assets Investment Management LLC raised its holdings 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 worth $151,325,000 after purchasing an additional 594,330 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Progressive by 102.3% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock valued at $260,102,000 after purchasing an additional 518,262 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 9,066 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,361 shares of company stock worth $13,983,575 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods reduced their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Bank of America lifted their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. TD Cowen upped 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. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a report on Tuesday, December 10th. Finally, Barclays lowered their price target on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $275.71.

Progressive Price Performance

Shares of Progressive stock opened at $248.13 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The business has a 50 day simple moving average of $246.28 and a two-hundred day simple moving average of $245.29. The stock has a market capitalization of $145.35 billion, a P/E ratio of 17.23, a PEG ratio of 0.63 and a beta of 0.42. The Progressive Co. has a 12 month low of $179.90 and a 12 month high of $270.62.

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 analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, analysts predict that The Progressive Co. will post 14.4 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 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.