International Assets Investment Management LLC Sells 593,881 Shares of The Progressive Co. (NYSE:PGR)

International Assets Investment Management LLC decreased its position in The Progressive Co. (NYSE:PGR) by 99.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,450 shares of the insurance provider’s stock after selling 593,881 shares during the quarter. International Assets Investment Management LLC’s holdings in Progressive were worth $590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Private Advisor Group LLC raised its holdings in shares of Progressive by 1.6% in the second quarter. Private Advisor Group LLC now owns 10,782 shares of the insurance provider’s stock worth $2,240,000 after buying an additional 172 shares during the period. Headlands Technologies LLC lifted its holdings in Progressive by 278.1% during the 2nd quarter. Headlands Technologies LLC now owns 484 shares of the insurance provider’s stock valued at $101,000 after buying an additional 356 shares in the last quarter. LPL Financial LLC boosted its position in Progressive by 30.9% in the 2nd quarter. LPL Financial LLC now owns 324,645 shares of the insurance provider’s stock valued at $67,432,000 after buying an additional 76,604 shares during the period. Y.D. More Investments Ltd bought a new position in Progressive in the 2nd quarter worth about $65,000. Finally, Johnson Investment Counsel Inc. increased its position in shares of Progressive by 9.3% during the second quarter. Johnson Investment Counsel Inc. now owns 20,535 shares of the insurance provider’s stock worth $4,265,000 after acquiring an additional 1,753 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. BMO Capital Markets dropped their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Wells Fargo & Company increased their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Jefferies Financial Group upped their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Bank of America raised their target price on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Finally, TD Cowen upped their price target on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $275.24.

Progressive Trading Down 3.3 %

Shares of NYSE:PGR opened at $235.57 on Friday. The business’s 50-day moving average is $251.34 and its 200 day moving average is $241.14. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $164.98 and a 1 year high of $270.62. The firm has a market capitalization of $138.00 billion, a P/E ratio of 17.12, a P/E/G ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, research analysts predict that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s payout ratio is currently 2.91%.

Insider Activity

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock valued at $8,222,168 over the last ninety days. 0.34% of the stock is currently owned by insiders.

Progressive 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.