Eagle Rock Investment Company LLC Sells 542 Shares of The Progressive Co. (NYSE:PGR)

Eagle Rock Investment Company LLC trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,527 shares of the insurance provider’s stock after selling 542 shares during the period. Eagle Rock Investment Company LLC’s holdings in Progressive were worth $3,002,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PGR. Retireful LLC acquired a new stake in shares of Progressive in the fourth quarter valued at $644,000. Ritholtz Wealth Management increased its position in Progressive by 4.8% in the 4th quarter. Ritholtz Wealth Management now owns 7,619 shares of the insurance provider’s stock valued at $1,826,000 after acquiring an additional 349 shares in the last quarter. Carnegie Investment Counsel raised its stake in shares of Progressive by 0.7% in the fourth quarter. Carnegie Investment Counsel now owns 280,488 shares of the insurance provider’s stock worth $67,208,000 after acquiring an additional 2,073 shares during the last quarter. Gateway Investment Advisers LLC raised its stake in shares of Progressive by 155.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 6,154 shares of the insurance provider’s stock worth $1,475,000 after acquiring an additional 3,747 shares during the last quarter. Finally, Rovin Capital UT ADV grew its stake in shares of Progressive by 6.9% during the fourth quarter. Rovin Capital UT ADV now owns 1,667 shares of the insurance provider’s stock valued at $399,000 after purchasing an additional 107 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, insider Steven Broz sold 2,981 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % 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, CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction 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 sale, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,919 shares of company stock worth $8,222,168. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of PGR opened at $245.57 on Friday. The firm’s 50 day moving average price is $250.72 and its two-hundred day moving average price is $242.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62. The firm has a market cap of $143.86 billion, a P/E ratio of 17.85, a PEG ratio of 0.61 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 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, analysts forecast that The Progressive Co. will post 13.52 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 2.91%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PGR shares. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Evercore ISI lifted their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company increased their price target on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price objective on shares of Progressive in a report on Friday, December 13th. Finally, Bank of America raised their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. 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, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $275.24.

About Progressive

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.