Ipswich Investment Management Co. Inc. Reduces Holdings in The Progressive Co. (NYSE:PGR)

Ipswich Investment Management Co. Inc. cut its stake in The Progressive Co. (NYSE:PGR) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,132 shares of the insurance provider’s stock after selling 1,187 shares during the period. Progressive comprises approximately 2.1% of Ipswich Investment Management Co. Inc.’s portfolio, making the stock its 11th largest position. Ipswich Investment Management Co. Inc.’s holdings in Progressive were worth $8,658,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Versant Capital Management Inc lifted its holdings in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 391 shares during the last quarter. Townsquare Capital LLC lifted its stake in Progressive by 90.9% in the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after buying an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after acquiring an additional 330,667 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Progressive by 2,262.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after acquiring an additional 415,628 shares during the last quarter. Finally, Signal Advisors Wealth LLC increased its holdings in shares of Progressive by 42.3% in the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock valued at $2,849,000 after acquiring an additional 3,534 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. TD Cowen raised their price objective 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. Wells Fargo & Company raised their price target on Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a report on Thursday. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research note on Thursday, December 26th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. 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 note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus price target of $276.12.

Progressive Stock Performance

PGR opened at $265.99 on Friday. The stock’s 50 day simple moving average is $246.89 and its 200 day simple moving average is $248.87. The stock has a market cap of $155.82 billion, a P/E ratio of 18.47, a P/E/G ratio of 1.70 and a beta of 0.42. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $270.79. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly 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 return on equity of 33.79% and a net margin of 11.25%. As a group, equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock worth $13,983,575 over the last ninety days. 0.34% of the stock is currently owned by insiders.

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.