First Horizon Advisors Inc. Has $275,000 Holdings in The Progressive Co. (NYSE:PGR)

First Horizon Advisors Inc. reduced its position in The Progressive Co. (NYSE:PGR) by 8.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,728 shares of the insurance provider’s stock after selling 160 shares during the quarter. First Horizon Advisors Inc.’s holdings in Progressive were worth $275,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. West Family Investments Inc. raised its position in Progressive by 2.6% during the fourth quarter. West Family Investments Inc. now owns 2,992 shares of the insurance provider’s stock valued at $477,000 after purchasing an additional 75 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in shares of Progressive by 20.6% during the 4th quarter. First Trust Direct Indexing L.P. now owns 19,459 shares of the insurance provider’s stock worth $3,099,000 after buying an additional 3,329 shares during the last quarter. Summit Financial LLC bought a new position in Progressive in the fourth quarter valued at about $343,000. New York Life Investment Management LLC raised its stake in Progressive by 0.5% during the fourth quarter. New York Life Investment Management LLC now owns 91,290 shares of the insurance provider’s stock worth $14,541,000 after acquiring an additional 497 shares in the last quarter. Finally, Mach 1 Financial Group LLC bought a new position in shares of Progressive in the fourth quarter worth about $759,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of Progressive stock opened at $208.72 on Monday. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $216.21. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $204.30 and a 200-day moving average price of $179.90. The company has a market cap of $122.25 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 0.82 and a beta of 0.34.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 EPS. Equities analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research reports. Citigroup lifted their price target on shares of Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a report on Monday, April 15th. UBS Group raised their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. TD Cowen assumed coverage on shares of Progressive in a research note on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price target for the company. Morgan Stanley increased their price objective on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Finally, Roth Mkm lifted their target price on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $211.88.

Insiders Place Their Bets

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Progressive news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,139 shares of company stock valued at $7,458,139. Corporate insiders own 0.34% of the company’s stock.

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.