Genesee Capital Advisors LLC trimmed its holdings in Progressive Corp (NYSE:PGR) by 6.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,498 shares of the insurance provider’s stock after selling 1,499 shares during the quarter. Progressive comprises about 1.4% of Genesee Capital Advisors LLC’s portfolio, making the stock its 21st biggest position. Genesee Capital Advisors LLC’s holdings in Progressive were worth $1,701,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. First Financial Corp IN acquired a new position in shares of Progressive in the 3rd quarter valued at about $25,000. Simon Quick Advisors LLC raised its stake in Progressive by 562.0% during the 4th quarter. Simon Quick Advisors LLC now owns 523 shares of the insurance provider’s stock worth $38,000 after buying an additional 444 shares during the period. Carroll Financial Associates Inc. raised its stake in Progressive by 26.6% during the 4th quarter. Carroll Financial Associates Inc. now owns 647 shares of the insurance provider’s stock worth $46,000 after buying an additional 136 shares during the period. Golden State Wealth Management LLC acquired a new position in Progressive during the 3rd quarter worth approximately $53,000. Finally, HM Payson & Co. acquired a new position in Progressive during the 2nd quarter worth approximately $64,000. 78.69% of the stock is currently owned by institutional investors.
PGR has been the topic of a number of research reports. Goldman Sachs Group downgraded Progressive from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 27th. Morgan Stanley downgraded Progressive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $84.00 to $74.00 in a research note on Monday, December 16th. Evercore ISI initiated coverage on Progressive in a research note on Thursday, October 17th. They set an “in-line” rating and a $78.00 price target on the stock. Buckingham Research dropped their price target on Progressive from $78.00 to $72.00 and set a “neutral” rating on the stock in a research note on Friday, December 6th. Finally, ValuEngine downgraded Progressive from a “hold” rating to a “sell” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $81.00.
Shares of Progressive stock traded down $0.88 on Tuesday, hitting $74.04. The company had a trading volume of 152,130 shares, compared to its average volume of 2,897,498. The stock has a market capitalization of $43.09 billion, a price-to-earnings ratio of 16.79, a P/E/G ratio of 1.86 and a beta of 0.64. Progressive Corp has a 1 year low of $61.13 and a 1 year high of $84.96. The stock has a 50 day moving average of $72.67 and a 200-day moving average of $75.43. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.36 and a current ratio of 0.36.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. Equities analysts anticipate that Progressive Corp will post 5.22 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 8th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Tuesday, January 7th. Progressive’s dividend payout ratio is presently 9.05%.
In other news, insider Michael D. Sieger sold 3,356 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $75.00, for a total value of $251,700.00. Following the completion of the transaction, the insider now directly owns 51,019 shares of the company’s stock, valued at $3,826,425. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CMO M Jeffrey Charney sold 10,238 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $74.10, for a total value of $758,635.80. Following the completion of the transaction, the chief marketing officer now directly owns 91,166 shares of the company’s stock, valued at $6,755,400.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,895 shares of company stock valued at $3,263,586. 0.39% of the stock is currently owned by corporate insiders.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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