Pitcairn Co. Decreases Holdings in The Progressive Corporation $PGR

Pitcairn Co. decreased its holdings in The Progressive Corporation (NYSE:PGR) by 26.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,729 shares of the insurance provider’s stock after selling 4,947 shares during the period. Pitcairn Co.’s holdings in Progressive were worth $3,390,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Vanguard Group Inc. lifted its stake in shares of Progressive by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 54,667,528 shares of the insurance provider’s stock valued at $13,500,146,000 after purchasing an additional 151,240 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Progressive by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock valued at $4,128,055,000 after purchasing an additional 301,371 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after buying an additional 2,709,417 shares during the period. Norges Bank purchased a new stake in Progressive during the 2nd quarter valued at $2,156,939,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Progressive by 1.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 4,129,069 shares of the insurance provider’s stock worth $1,101,883,000 after buying an additional 42,909 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the transaction, the insider directly owned 26,354 shares in the company, valued at $5,924,379.20. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,103 shares of company stock worth $1,883,924 over the last three months. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PGR. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Jefferies Financial Group set a $216.00 price target on shares of Progressive in a research note on Wednesday, February 11th. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. Morgan Stanley reduced their price objective on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. Finally, UBS Group decreased their price objective on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $245.50.

Progressive Trading Down 0.4%

PGR stock opened at $210.55 on Friday. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The firm’s 50-day moving average is $209.31 and its 200 day moving average is $224.42. The company has a market capitalization of $123.36 billion, a PE ratio of 10.94, a P/E/G ratio of 9.24 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.29.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is currently 2.08%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.