Chevy Chase Trust Holdings LLC Has $73.72 Million Stock Position in The Progressive Co. (NYSE:PGR)

Chevy Chase Trust Holdings LLC decreased its position in The Progressive Co. (NYSE:PGR) by 2.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 307,672 shares of the insurance provider’s stock after selling 6,516 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Progressive worth $73,721,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Geode Capital Management LLC grew its holdings in shares of Progressive by 13.2% in the 3rd 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 period. Jennison Associates LLC lifted its position in 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 in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after acquiring an additional 641,943 shares in the last quarter. International Assets Investment Management LLC lifted its position in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after acquiring an additional 594,330 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Progressive by 102.3% in the 3rd 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 acquiring an additional 518,262 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction 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 represents a 3.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $952,416.30. Following the transaction, the insider now owns 39,040 shares in the company, valued at approximately $9,645,222.40. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,361 shares of company stock worth $13,983,575. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the topic of several research reports. Evercore ISI boosted their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, BMO Capital Markets cut their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $275.71.

Progressive Stock Up 2.0 %

Shares of PGR stock opened at $262.02 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The firm’s 50-day moving average is $244.79 and its 200-day moving average is $246.64. The stock has a market cap of $153.49 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 0.64 and a beta of 0.42. The Progressive Co. has a 52-week low of $182.23 and a 52-week high of $270.62.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts predict that The Progressive Co. will post 14.44 EPS for the current 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 paid 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 yield of 0.15%. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

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.