Central Bank & Trust Co. Decreases Position in The Progressive Co. (NYSE:PGR)

Central Bank & Trust Co. trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 8.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 28,053 shares of the insurance provider’s stock after selling 2,534 shares during the period. Central Bank & Trust Co.’s holdings in Progressive were worth $6,722,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Progressive by 1.3% during the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after acquiring an additional 315,411 shares during the last quarter. Geode Capital Management LLC boosted its stake in Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. FMR LLC grew its position in Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after purchasing an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,938 shares of company stock worth $7,473,490 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Bank of America boosted their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Keefe, Bruyette & Woods cut their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $310.00 target price on shares of Progressive in a report on Friday, December 13th. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $275.24.

Progressive Trading Down 0.7 %

Shares of PGR stock opened at $243.79 on Tuesday. The Progressive Co. has a 1-year low of $166.92 and a 1-year high of $270.62. The company has a market cap of $142.82 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.64 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a 50 day simple moving average of $250.18 and a 200-day simple moving average of $242.71.

Progressive Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is 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.