Twinbeech Capital LP Sells 7,626 Shares of The Progressive Co. (NYSE:PGR)

Twinbeech Capital LP trimmed its stake in shares of The Progressive Co. (NYSE:PGR) by 82.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 1,603 shares of the insurance provider’s stock after selling 7,626 shares during the quarter. Twinbeech Capital LP’s holdings in Progressive were worth $384,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Webster Bank N. A. bought a new stake in shares of Progressive during the 4th quarter valued at $26,000. Hager Investment Management Services LLC bought a new stake in shares of Progressive during the 4th quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC lifted its position in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares during the period. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive during the 4th quarter valued at $28,000. Finally, Valley National Advisers Inc. lifted its position in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 4,669 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the completion of the transaction, the insider now directly owns 15,191 shares in the company, valued at $4,248,922.70. This trade represents a 23.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Carl G. Joyce sold 360 shares of the firm’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares of the company’s stock, valued at $180,891.35. This trade represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,894 shares of company stock worth $11,020,097 over the last ninety days. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PGR. JPMorgan Chase & Co. boosted their price target on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Barclays boosted their price target on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $288.00 price target on shares of Progressive in a report on Thursday, April 17th. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target for the company in a report on Monday, April 28th. Finally, UBS Group boosted their price target on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, March 14th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $288.24.

Progressive Price Performance

Progressive stock opened at $276.90 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $162.33 billion, a PE ratio of 19.23, a P/E/G ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The stock has a 50-day moving average price of $275.33 and a two-hundred day moving average price of $262.66.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 2.70%.

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.