Pinnacle Wealth Planning Services Inc. Has $945,000 Holdings in The Progressive Co. (NYSE:PGR)

Pinnacle Wealth Planning Services Inc. reduced its holdings in The Progressive Co. (NYSE:PGR) by 21.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,942 shares of the insurance provider’s stock after selling 1,102 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Progressive were worth $945,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Raymond James Financial Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $408,416,000. Geode Capital Management LLC boosted 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 worth $3,652,235,000 after acquiring an additional 1,682,213 shares in 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 worth $1,205,266,000 after acquiring an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of 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 worth $379,139,000 after acquiring an additional 641,943 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its holdings in shares of Progressive by 36,819.8% in the 4th quarter. Proficio Capital Partners LLC now owns 568,195 shares of the insurance provider’s stock worth $136,145,000 after acquiring an additional 566,656 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, insider Lori A. Niederst sold 3,855 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the completion of the transaction, the insider now owns 39,040 shares in the company, valued at approximately $9,645,222.40. This represents a 8.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $279.94, for a total value of $2,799,400.00. Following the transaction, the chief financial officer now owns 269,566 shares of the company’s stock, valued at approximately $75,462,306.04. This trade represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,361 shares of company stock worth $14,102,075. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR opened at $281.84 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 12 month low of $191.00 and a 12 month high of $287.49. The company has a fifty day simple moving average of $252.70 and a 200 day simple moving average of $252.11. The stock has a market cap of $165.11 billion, a P/E ratio of 19.57, a P/E/G ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last released its quarterly earnings data 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%. On average, research analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.78%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PGR. BMO Capital Markets reduced their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, February 25th. Bank of America upped their price objective on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a 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 report on Friday, November 8th. Finally, Evercore ISI upped their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $277.59.

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.