Lountzis Asset Management LLC Reduces Holdings in The Progressive Co. (NYSE:PGR)

Lountzis Asset Management LLC reduced its position in shares of The Progressive Co. (NYSE:PGR) by 1.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 78,855 shares of the insurance provider’s stock after selling 1,337 shares during the period. Progressive makes up about 8.0% of Lountzis Asset Management LLC’s investment portfolio, making the stock its 2nd largest position. Lountzis Asset Management LLC’s holdings in Progressive were worth $18,894,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Webster Bank N. A. acquired a new stake in shares of Progressive during the fourth quarter worth $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive during the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC lifted its stake in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares in the last quarter. Valley National Advisers Inc. boosted its holdings in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after buying an additional 120 shares during the period. Finally, Independence Bank of Kentucky increased its position in shares of Progressive by 1,650.0% in the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 165 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $269.71 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average price of $246.11 and a 200 day moving average price of $248.36. The company has a market cap of $158.00 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 0.67 and a beta of 0.42. The Progressive Co. has a twelve month low of $186.94 and a twelve month high of $270.79.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Research analysts predict that The Progressive Co. will post 14.43 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s payout ratio is 2.78%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PGR shares. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Evercore ISI increased their target price on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. TD Cowen lifted their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, Bank of America lifted their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive has an average rating of “Moderate Buy” and an average price target of $275.88.

Insider Activity

In other news, insider Lori A. Niederst sold 3,855 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the completion of the transaction, the insider now owns 39,040 shares in the company, valued at approximately $9,645,222.40. This represents a 8.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,361 shares of company stock valued at $13,983,575. Insiders own 0.34% of the company’s stock.

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.