Nvest Financial LLC Sells 265 Shares of The Progressive Co. (NYSE:PGR)

Nvest Financial LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 2.9% during the fourth quarter, HoldingsChannel reports. The fund owned 8,837 shares of the insurance provider’s stock after selling 265 shares during the quarter. Progressive makes up about 1.1% of Nvest Financial LLC’s portfolio, making the stock its 28th biggest holding. Nvest Financial LLC’s holdings in Progressive were worth $2,117,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Davis Capital Management bought a new stake in shares of Progressive during the third quarter valued at approximately $25,000. Webster Bank N. A. acquired a new stake in Progressive during the fourth quarter worth $26,000. DiNuzzo Private Wealth Inc. increased its holdings in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares during the period. Kimelman & Baird LLC acquired a new position in shares of Progressive in the 2nd quarter valued at $36,000. Finally, Friedenthal Financial acquired a new stake in shares of Progressive during the 3rd quarter valued at about $49,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 0.8 %

NYSE PGR opened at $244.86 on Wednesday. The stock has a market capitalization of $143.44 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 52 week low of $175.50 and a 52 week high of $270.62. 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 stock has a fifty day moving average of $247.89 and a 200-day moving average of $244.25.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays reduced their target price on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. BMO Capital Markets dropped their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 962 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the completion of the transaction, the insider now owns 34,787 shares in the company, valued at $8,463,329.23. This represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,506 shares of company stock worth $10,531,159. Company insiders own 0.34% of the company’s stock.

Progressive Company 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.