Sequoia Financial Advisors LLC Purchases 1,485 Shares of The Progressive Co. (NYSE:PGR)

Sequoia Financial Advisors LLC raised its position in The Progressive Co. (NYSE:PGRFree Report) by 3.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 50,755 shares of the insurance provider’s stock after buying an additional 1,485 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Progressive were worth $7,070,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Progressive by 2.4% during the 2nd quarter. BlackRock Inc. now owns 43,918,940 shares of the insurance provider’s stock worth $5,813,550,000 after purchasing an additional 1,019,643 shares in the last quarter. State Street Corp raised its stake in shares of Progressive by 2.3% during the 2nd quarter. State Street Corp now owns 24,956,012 shares of the insurance provider’s stock worth $3,303,427,000 after purchasing an additional 560,479 shares in the last quarter. Geode Capital Management LLC raised its stake in Progressive by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 11,341,759 shares of the insurance provider’s stock valued at $1,497,374,000 after acquiring an additional 361,856 shares during the period. Alliancebernstein L.P. raised its stake in Progressive by 4.3% in the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock valued at $1,291,249,000 after acquiring an additional 403,527 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Progressive by 10.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after acquiring an additional 655,706 shares during the period. Institutional investors own 83.66% of the company’s stock.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 90,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $162.89, for a total value of $14,660,100.00. Following the sale, the chief executive officer now directly owns 465,735 shares of the company’s stock, valued at $75,863,574.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, CEO Susan Patricia Griffith sold 90,000 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $162.89, for a total value of $14,660,100.00. Following the completion of the transaction, the chief executive officer now directly owns 465,735 shares in the company, valued at $75,863,574.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Quigg sold 1,210 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total value of $196,334.60. Following the completion of the transaction, the insider now owns 27,247 shares of the company’s stock, valued at $4,421,098.22. The disclosure for this sale can be found here. Insiders have sold 114,862 shares of company stock valued at $18,747,693 over the last ninety days. 0.33% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of PGR traded down $0.83 during trading hours on Tuesday, hitting $181.35. 114,972 shares of the company were exchanged, compared to its average volume of 2,182,471. The firm’s fifty day moving average is $165.59 and its 200 day moving average is $150.80. The company has a market cap of $106.10 billion, a price-to-earnings ratio of 27.69, a P/E/G ratio of 1.01 and a beta of 0.35. The company has a quick ratio of 0.33, a current ratio of 0.35 and a debt-to-equity ratio of 0.34. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $182.64.

Progressive (NYSE:PGRGet Free Report) last released its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.53. The business had revenue of $16.89 billion for the quarter, compared to analyst estimates of $16.10 billion. Progressive had a return on equity of 21.10% and a net margin of 6.28%. During the same period last year, the firm posted $1.52 earnings per share. On average, equities analysts anticipate that The Progressive Co. will post 8.59 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. UBS Group increased their price target on Progressive from $159.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Raymond James cut Progressive from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 12th. Roth Mkm upped their price objective on Progressive from $185.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods upped their price objective on Progressive from $158.00 to $175.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Finally, Oppenheimer initiated coverage on Progressive in a report on Thursday, November 16th. They issued a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $169.22.

Read Our Latest Analysis on PGR

Progressive Profile

(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.

Featured Articles

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)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.