Mutual of America Capital Management LLC Sells 3,620 Shares of The Progressive Co. (NYSE:PGR)

Mutual of America Capital Management LLC cut its stake in shares of The Progressive Co. (NYSE:PGR) by 4.4% in the fourth quarter, HoldingsChannel reports. The fund owned 78,279 shares of the insurance provider’s stock after selling 3,620 shares during the period. Mutual of America Capital Management LLC’s holdings in Progressive were worth $12,468,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Compass Ion Advisors LLC boosted its position in shares of Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after acquiring an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its holdings in Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares during the period. Quent Capital LLC raised its holdings in Progressive by 19.3% during the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after buying an additional 69 shares during the period. BSW Wealth Partners raised its holdings in Progressive by 4.2% during the 4th quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after buying an additional 69 shares during the period. Finally, IFP Advisors Inc raised its holdings in Progressive by 1.2% during the 3rd quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock valued at $816,000 after buying an additional 71 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 1.2 %

PGR stock traded down $2.52 during trading on Thursday, reaching $203.63. 288,805 shares of the company traded hands, compared to its average volume of 2,475,812. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $212.24. The business has a 50 day simple moving average of $196.22 and a 200 day simple moving average of $172.04. The company has a market capitalization of $119.27 billion, a price-to-earnings ratio of 31.33, a price-to-earnings-growth ratio of 0.94 and a beta of 0.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. The company had revenue of $16.89 billion for the quarter, compared to the consensus estimate of $16.10 billion. Progressive had a return on equity of 21.25% and a net margin of 6.28%. During the same quarter last year, the company earned $1.52 earnings per share. On average, equities research analysts anticipate that The Progressive Co. will post 9.9 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, April 4th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s dividend payout ratio is presently 6.08%.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Citigroup increased their price target on Progressive from $192.00 to $202.00 and gave the company a “neutral” rating in a report on Monday, March 18th. HSBC increased their target price on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Bank of America reduced their target price on Progressive from $265.00 to $264.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. Roth Mkm raised their price target on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Finally, The Goldman Sachs Group raised their price target on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $193.11.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 5,939 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares in the company, valued at $78,821,329.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Andrew J. Quigg sold 551 shares of Progressive stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now directly owns 27,921 shares in the company, valued at $4,725,350.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 5,939 shares of Progressive stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $1,005,116.36. Following the transaction, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $78,821,329.88. The disclosure for this sale can be found here. Insiders sold a total of 44,629 shares of company stock worth $8,348,176 over the last three months. 0.34% of the stock is currently owned by insiders.

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.