Keel Point LLC Sells 162 Shares of The Progressive Co. (NYSE:PGR)

Keel Point LLC lowered its stake in The Progressive Co. (NYSE:PGR) by 5.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,743 shares of the insurance provider’s stock after selling 162 shares during the quarter. Keel Point LLC’s holdings in Progressive were worth $437,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PGR. Wellington Management Group LLP lifted its holdings in Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Progressive by 4.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock valued at $1,291,249,000 after purchasing an additional 403,527 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Progressive by 10.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after buying an additional 655,706 shares in the last quarter. Morgan Stanley boosted its holdings in Progressive by 25.4% in the 4th quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after buying an additional 1,361,665 shares during the period. Finally, Moneta Group Investment Advisors LLC purchased a new stake in Progressive in the 4th quarter worth $840,885,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.6 %

PGR opened at $207.81 on Tuesday. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $212.24. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock has a 50-day moving average of $197.64 and a 200 day moving average of $173.59. The firm has a market cap of $121.71 billion, a P/E ratio of 21.15, a P/E/G ratio of 0.86 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.65 EPS. As a group, research analysts forecast that The Progressive Co. will post 10.5 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In other news, insider Andrew J. Quigg sold 551 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the sale, 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 is available at this link. In other news, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the sale, the insider now directly owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 5,939 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the transaction, the chief executive officer now owns 465,737 shares in the company, 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 valued at $8,348,176 over the last 90 days. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. HSBC boosted their price target on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Citigroup boosted their target price on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday. Finally, UBS Group raised their target price on shares of Progressive from $159.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $208.31.

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.