The Progressive Corporation $PGR Shares Sold by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC decreased its holdings in The Progressive Corporation (NYSE:PGR) by 84.3% in the 4th quarter, HoldingsChannel reports. The firm owned 1,551 shares of the insurance provider’s stock after selling 8,303 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Progressive were worth $329,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Davis Capital Management acquired a new stake in Progressive during the 3rd quarter worth approximately $25,000. Dagco Inc. acquired a new position in shares of Progressive in the fourth quarter worth $28,000. Ameriflex Group Inc. increased its position in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Howard Hughes Medical Institute purchased a new stake in shares of Progressive during the second quarter worth $34,000. Finally, Bangor Savings Bank raised its stake in shares of Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 58 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.1%

PGR opened at $195.14 on Monday. The Progressive Corporation has a one year low of $192.02 and a one year high of $289.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The stock has a market capitalization of $114.15 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 5.65 and a beta of 0.34. The business’s 50-day simple moving average is $204.94 and its 200-day simple moving average is $217.55.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s payout ratio is presently 2.08%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PGR shares. The Goldman Sachs Group reissued a “buy” rating and set a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Citigroup reduced their price target on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Evercore reiterated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. HSBC cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Barclays set a $247.00 target price on Progressive in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $238.39.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 11,687 shares of company stock worth $2,413,044. Corporate insiders own 0.34% of the company’s stock.

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.