The Progressive Co. (NYSE:PGR) Shares Sold by Securian Asset Management Inc.

Securian Asset Management Inc. decreased its position in The Progressive Co. (NYSE:PGR) by 2.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,484 shares of the insurance provider’s stock after selling 908 shares during the period. Securian Asset Management Inc.’s holdings in Progressive were worth $7,544,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Webster Bank N. A. acquired a new position in shares of Progressive during the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive during the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Progressive by 54.7% during the fourth 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. Valley National Advisers Inc. increased its stake in shares of Progressive by 3,000.0% during the fourth 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. Finally, Independence Bank of Kentucky increased its stake in shares of Progressive by 1,650.0% during the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after acquiring an additional 165 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $277.33 on Wednesday. The company has a market cap of $162.57 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 1.70 and a beta of 0.35. The firm’s 50-day moving average is $255.77 and its 200-day moving average is $253.33. The Progressive Co. has a 52-week low of $195.57 and a 52-week high of $287.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a $0.10 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive’s payout ratio is currently 2.78%.

Analyst Ratings Changes

PGR has been the topic of several recent research reports. Morgan Stanley lifted their price target on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Finally, Roth Mkm raised their price objective on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.59.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 4,669 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares in the company, valued at approximately $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CIO Jonathan S. Bauer sold 1,227 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $281.00, for a total transaction of $344,787.00. Following the transaction, the executive now owns 28,393 shares in the company, valued at $7,978,433. The trade was a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 62,257 shares of company stock worth $15,752,781 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

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.