The Progressive Co. (NYSE:PGR) Shares Sold by Tobam

Tobam lowered its position in The Progressive Co. (NYSE:PGR) by 52.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,139 shares of the insurance provider’s stock after selling 14,327 shares during the quarter. Tobam’s holdings in Progressive were worth $3,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of PGR. Raleigh Capital Management Inc. increased its holdings in shares of Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after acquiring an additional 41 shares during the period. LRI Investments LLC increased its stake in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares during the period. SYM FINANCIAL Corp raised its holdings in shares of Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after buying an additional 44 shares during the last quarter. Castleview Partners LLC boosted its stake in shares of Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after buying an additional 45 shares during the period. Finally, Washington Trust Bank grew its holdings in shares of Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after buying an additional 45 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Andrew J. Quigg sold 681 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 $164,870.10. Following the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock worth $13,983,575 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Up 0.9 %

NYSE:PGR opened at $251.33 on Friday. The company has a market capitalization of $147.23 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 0.63 and a beta of 0.42. The Progressive Co. has a 52-week low of $180.68 and a 52-week high of $270.62. The stock has a fifty day simple moving average of $245.92 and a 200-day simple moving average of $245.32. 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 results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities research analysts expect that The Progressive Co. will post 14.4 earnings per share for the current fiscal year.

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 $0.10 dividend. The ex-dividend date of this dividend 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 2.78%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research note on Tuesday, December 10th. Bank of America lifted their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Wells Fargo & Company upped their price objective on shares of Progressive from $302.00 to $313.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.71.

Progressive 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.