Gulf International Bank UK Ltd Has $10.86 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Gulf International Bank UK Ltd cut its holdings in The Progressive Co. (NYSE:PGR) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 45,342 shares of the insurance provider’s stock after selling 509 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Progressive were worth $10,864,000 at the end of the most recent reporting period.

Other hedge funds and other institutional 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 fourth quarter valued at $26,000. Hager Investment Management Services LLC acquired a new stake in shares of Progressive in the fourth quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares in the last quarter. Valley National Advisers Inc. increased its stake in shares of Progressive by 3,000.0% in the fourth 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 in the last quarter. Finally, Independence Bank of Kentucky increased its stake in shares of Progressive by 1,650.0% in the fourth 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 in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on PGR. BMO Capital Markets lowered their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Bank of America lifted their price objective on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a research report on Thursday, December 26th. Finally, Keefe, Bruyette & Woods decreased their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $277.59.

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 681 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 transaction of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Down 1.9 %

NYSE PGR opened at $273.13 on Thursday. The company has a market cap of $160.00 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 1.70 and a beta of 0.42. The Progressive Co. has a 52 week low of $186.94 and a 52 week high of $280.25. The business has a 50 day moving average price of $248.63 and a 200-day moving average price of $250.30. 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 released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS 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%. As a group, equities analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

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.