Mechanics Bank Trust Department Has $489,000 Stock Position in The Progressive Co. (NYSE:PGR)

Mechanics Bank Trust Department grew its position in The Progressive Co. (NYSE:PGR) by 79.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,039 shares of the insurance provider’s stock after buying an additional 901 shares during the period. Mechanics Bank Trust Department’s holdings in Progressive were worth $489,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Diversify Wealth Management LLC grew its holdings in shares of Progressive by 2.8% in the 4th quarter. Diversify Wealth Management LLC now owns 13,512 shares of the insurance provider’s stock valued at $3,184,000 after buying an additional 364 shares during the period. Grove Bank & Trust lifted its position in Progressive by 14.7% in the 4th quarter. Grove Bank & Trust now owns 1,132 shares of the insurance provider’s stock valued at $271,000 after acquiring an additional 145 shares in the last quarter. Artemis Investment Management LLP lifted its position in Progressive by 3.8% in the 4th quarter. Artemis Investment Management LLP now owns 180,711 shares of the insurance provider’s stock valued at $43,300,000 after acquiring an additional 6,579 shares in the last quarter. Liberty One Investment Management LLC lifted its position in Progressive by 11.6% in the 4th quarter. Liberty One Investment Management LLC now owns 1,303 shares of the insurance provider’s stock valued at $312,000 after acquiring an additional 135 shares in the last quarter. Finally, McElhenny Sheffield Capital Management LLC lifted its position in Progressive by 5.3% in the 4th quarter. McElhenny Sheffield Capital Management LLC now owns 2,441 shares of the insurance provider’s stock valued at $585,000 after acquiring an additional 122 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the 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 owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,938 shares of company stock worth $7,473,490. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Wells Fargo & Company boosted their price objective on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Barclays cut their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $275.24.

Progressive Stock Down 0.7 %

Progressive stock opened at $243.79 on Monday. The firm has a market capitalization of $142.82 billion, a PE ratio of 17.72, a P/E/G ratio of 0.61 and a beta of 0.41. The company’s 50-day moving average is $250.18 and its 200-day moving average is $242.49. The Progressive Co. has a fifty-two week low of $166.92 and a fifty-two week high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

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.