Americana Partners LLC Cuts Holdings in The Progressive Co. (NYSE:PGR)

Americana Partners LLC lessened its stake in The Progressive Co. (NYSE:PGR) by 25.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 928 shares of the insurance provider’s stock after selling 311 shares during the quarter. Americana Partners LLC’s holdings in Progressive were worth $235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PGR. Concurrent Investment Advisors LLC grew its holdings in Progressive by 66.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Diversified Trust Co grew its stake in shares of Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC purchased a new position in Progressive in the first quarter valued at $1,890,000. Sycomore Asset Management raised its stake in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares in the last quarter. Finally, Sumitomo Life Insurance Co. purchased a new stake in Progressive during the 2nd quarter worth about $981,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.0 %

PGR stock opened at $242.72 on Friday. The stock has a market capitalization of $142.15 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 0.67 and a beta of 0.36. The company has a fifty day moving average of $250.88 and a 200-day moving average of $226.79. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a one year low of $149.14 and a one year high of $260.46.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is currently 2.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays raised their target price on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Jefferies Financial Group upped their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group lifted their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus target price of $263.19.

Insider Buying and Selling at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is owned by corporate insiders.

About Progressive

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.