The Progressive Co. (NYSE:PGR) Shares Sold by Resonant Capital Advisors LLC

Resonant Capital Advisors LLC decreased its stake in The Progressive Co. (NYSE:PGR) by 1.5% in the 4th quarter, Holdings Channel reports. The firm owned 25,106 shares of the insurance provider’s stock after selling 381 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Progressive were worth $6,016,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Webster Bank N. A. acquired a new stake in shares of Progressive in the fourth quarter valued at about $26,000. Valley National Advisers Inc. raised its position in Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 120 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its position in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the last quarter. Independence Bank of Kentucky raised its position in Progressive by 1,650.0% during the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 165 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Progressive during the third quarter worth about $49,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

NYSE PGR opened at $246.78 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $144.57 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 0.63 and a beta of 0.42. The company has a 50 day moving average price of $247.01 and a two-hundred day moving average price of $244.75. The Progressive Co. has a 12-month low of $176.37 and a 12-month high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities analysts predict that The Progressive Co. will post 14.4 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PGR shares. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. 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. Keefe, Bruyette & Woods lowered their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Wells Fargo & Company boosted their target price on shares of Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $275.71.

Insider Buying and Selling

In related news, insider Lori A. Niederst sold 3,855 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $247.06, for a total transaction of $952,416.30. Following the transaction, the insider now owns 39,040 shares in the company, valued at $9,645,222.40. This represents a 8.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by company insiders.

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.