First Hawaiian Bank Decreases Stake in The Progressive Co. (NYSE:PGR)

First Hawaiian Bank cut its stake in shares of The Progressive Co. (NYSE:PGR) by 4.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,769 shares of the insurance provider’s stock after selling 688 shares during the quarter. First Hawaiian Bank’s holdings in Progressive were worth $3,778,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PGR. State Street Corp increased its holdings in Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after buying an additional 315,411 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Progressive by 13.2% during 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. FMR LLC grew its holdings in shares of Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after acquiring an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progressive by 7.0% in 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 increased its stake in Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PGR. Morgan Stanley reissued an “overweight” rating and issued a $310.00 target price on shares of Progressive in a report on Friday, December 13th. TD Cowen increased their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Wells Fargo & Company raised their target price on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a report on Monday, December 16th. BMO Capital Markets reduced their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $275.00.

Progressive Trading Up 0.5 %

PGR traded up $1.17 during midday trading on Wednesday, hitting $243.45. The company’s stock had a trading volume of 2,553,618 shares, compared to its average volume of 2,319,655. The firm has a market cap of $142.62 billion, a P/E ratio of 17.69, a PEG ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 52-week low of $164.16 and a 52-week high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $251.46 and a two-hundred day moving average price of $240.94.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, research analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the business’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 completion of the sale, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at approximately $67,530,756.28. This represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,919 shares of company stock worth $8,222,168 over the last three months. 0.34% of the stock is owned by insiders.

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.