Grove Bank & Trust Increases Holdings in The Progressive Co. (NYSE:PGR)

Grove Bank & Trust increased its stake in The Progressive Co. (NYSE:PGR) by 14.7% in the 4th quarter, HoldingsChannel reports. The fund owned 1,132 shares of the insurance provider’s stock after acquiring an additional 145 shares during the period. Grove Bank & Trust’s holdings in Progressive were worth $271,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PGR. Artemis Investment Management LLP boosted its holdings in shares of Progressive by 3.8% in the 4th quarter. Artemis Investment Management LLP now owns 180,711 shares of the insurance provider’s stock worth $43,300,000 after purchasing an additional 6,579 shares during the period. Liberty One Investment Management LLC lifted its position in Progressive by 11.6% in the fourth quarter. Liberty One Investment Management LLC now owns 1,303 shares of the insurance provider’s stock worth $312,000 after buying an additional 135 shares during the last quarter. McElhenny Sheffield Capital Management LLC increased its position in Progressive by 5.3% during the fourth quarter. McElhenny Sheffield Capital Management LLC now owns 2,441 shares of the insurance provider’s stock valued at $585,000 after acquiring an additional 122 shares during the last quarter. Clarius Group LLC raised its stake in shares of Progressive by 2.3% in the fourth quarter. Clarius Group LLC now owns 4,231 shares of the insurance provider’s stock valued at $1,014,000 after acquiring an additional 96 shares during the period. Finally, J2 Capital Management Inc bought a new stake in shares of Progressive in the 4th quarter worth about $368,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 0.7 %

Shares of NYSE PGR opened at $243.79 on Monday. The stock has a market capitalization of $142.82 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $166.92 and a 12-month high of $270.62. The stock’s fifty day simple moving average is $250.18 and its two-hundred day simple moving average is $242.49.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 2.91%.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. The trade was a 1.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,938 shares of company stock valued at $7,473,490. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Bank of America upped their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. BMO Capital Markets reduced their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Barclays decreased their price target on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a research note on Tuesday, December 10th. Finally, Jefferies Financial Group boosted their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

Progressive Profile

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.