The Progressive Co. (NYSE:PGR) Shares Sold by CoreCap Advisors LLC

CoreCap Advisors LLC cut its stake in shares of The Progressive Co. (NYSE:PGR) by 77.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,081 shares of the insurance provider’s stock after selling 3,626 shares during the period. CoreCap Advisors LLC’s holdings in Progressive were worth $259,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PGR. Webster Bank N. A. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive in the 4th quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC increased its stake in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares during the period. Valley National Advisers Inc. increased its stake in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares during the period. Finally, Atala Financial Inc acquired a new position in Progressive in the 4th quarter valued at $32,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the sale, the chief financial officer now directly owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Devin C. Johnson sold 400 shares of Progressive stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the transaction, the director now directly owns 8,370 shares in the company, valued at approximately $2,302,084.80. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,894 shares of company stock worth $11,020,097. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of Progressive from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Tuesday, April 29th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Friday, April 4th. Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $287.65.

Progressive Stock Up 0.1%

PGR stock opened at $284.33 on Monday. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. 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 $166.68 billion, a P/E ratio of 19.75, a PEG ratio of 1.70 and a beta of 0.40. The firm has a 50 day simple moving average of $275.16 and a 200-day simple moving average of $260.46.

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

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive’s payout ratio 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.