Pathstone Family Office LLC Reduces Holdings in The Progressive Co. (NYSE:PGR)

Pathstone Family Office LLC reduced its stake in shares of The Progressive Co. (NYSE:PGRFree Report) by 12.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 379,628 shares of the insurance provider’s stock after selling 54,507 shares during the quarter. Pathstone Family Office LLC’s holdings in Progressive were worth $52,885,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC grew its stake in Progressive by 17.1% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 52,636 shares of the insurance provider’s stock worth $7,332,000 after acquiring an additional 7,685 shares during the period. Van ECK Associates Corp grew its stake in Progressive by 9.1% in the 3rd quarter. Van ECK Associates Corp now owns 18,067 shares of the insurance provider’s stock worth $2,517,000 after acquiring an additional 1,509 shares during the period. ProVise Management Group LLC grew its stake in Progressive by 17.0% in the 3rd quarter. ProVise Management Group LLC now owns 1,773 shares of the insurance provider’s stock worth $247,000 after acquiring an additional 258 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Progressive by 10.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,363,575 shares of the insurance provider’s stock worth $468,546,000 after acquiring an additional 309,287 shares during the period. Finally, Sequoia Financial Advisors LLC grew its stake in Progressive by 3.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 50,755 shares of the insurance provider’s stock worth $7,070,000 after acquiring an additional 1,485 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 4,052 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $164.28, for a total value of $665,662.56. Following the completion of the sale, the insider now owns 25,769 shares in the company, valued at approximately $4,233,331.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 4,052 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $164.28, for a total value of $665,662.56. Following the completion of the sale, the insider now owns 25,769 shares in the company, valued at approximately $4,233,331.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 90,000 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $162.89, for a total transaction of $14,660,100.00. Following the transaction, the chief executive officer now owns 465,735 shares in the company, valued at approximately $75,863,574.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 114,862 shares of company stock worth $18,747,693. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PGR. The Goldman Sachs Group boosted their price objective on shares of Progressive from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Tuesday, November 7th. Raymond James lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 12th. Roth Mkm boosted their price objective on shares of Progressive from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Monday, October 16th. Finally, Piper Sandler boosted their price objective on shares of Progressive from $188.00 to $207.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $169.22.

Read Our Latest Report on Progressive

Progressive Price Performance

PGR stock traded down $1.92 on Tuesday, hitting $180.26. 639,899 shares of the company’s stock traded hands, compared to its average volume of 2,202,269. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $182.64. The stock has a market cap of $105.46 billion, a price-to-earnings ratio of 27.69, a P/E/G ratio of 1.01 and a beta of 0.35. The stock has a fifty day moving average of $165.59 and a 200-day moving average of $150.80. The company has a current ratio of 0.35, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34.

Progressive (NYSE:PGRGet Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 EPS for the quarter, beating the consensus estimate of $2.43 by $0.53. The business had revenue of $16.89 billion during the quarter, compared to the consensus estimate of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.10%. During the same quarter in the prior year, the firm earned $1.52 EPS. On average, analysts forecast that The Progressive Co. will post 8.59 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 26th. Investors of record on Friday, January 19th were given a $0.10 dividend. The ex-dividend date was Thursday, January 18th. This represents a $0.40 annualized dividend and a dividend yield of 0.22%. Progressive’s dividend payout ratio (DPR) is presently 12.92%.

About Progressive

(Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

See Also

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRFree Report).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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