Harbor Capital Advisors Inc. Sells 4,809 Shares of The Progressive Co. (NYSE:PGR)

Harbor Capital Advisors Inc. cut its holdings in The Progressive Co. (NYSE:PGR) by 40.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,985 shares of the insurance provider’s stock after selling 4,809 shares during the period. Harbor Capital Advisors Inc.’s holdings in Progressive were worth $1,674,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Davis Capital Management purchased a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Kimelman & Baird LLC bought a new stake in shares of Progressive in the second quarter valued at $36,000. Friedenthal Financial purchased a new position in shares of Progressive during the 3rd quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progressive during the 3rd quarter worth $49,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 3.3 %

Shares of PGR stock opened at $235.57 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market cap of $138.00 billion, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. The business has a 50-day moving average price of $251.34 and a two-hundred day moving average price of $241.61. The Progressive Co. has a 12-month low of $164.98 and a 12-month high of $270.62.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Equities analysts anticipate that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date of this dividend is Friday, January 10th. Progressive’s payout ratio is presently 2.91%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Barclays dropped their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. TD Cowen upped their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Jefferies Financial Group increased their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $275.24.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 9,066 shares of the business’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 $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,919 shares of company stock valued at $8,222,168 over the last three months. Insiders own 0.34% of the company’s stock.

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.