Central Pacific Bank Trust Division Sells 2,574 Shares of The Progressive Co. (NYSE:PGR)

Central Pacific Bank Trust Division decreased its holdings in The Progressive Co. (NYSE:PGR) by 9.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,210 shares of the insurance provider’s stock after selling 2,574 shares during the period. Progressive accounts for approximately 0.8% of Central Pacific Bank Trust Division’s holdings, making the stock its 16th biggest holding. Central Pacific Bank Trust Division’s holdings in Progressive were worth $5,801,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. grew its stake in shares of Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after buying an additional 41 shares during the last quarter. LRI Investments LLC increased its stake in Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after buying an additional 42 shares during the period. Castleview Partners LLC raised its stake in shares of Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 45 shares in the last quarter. Washington Trust Bank boosted its holdings in shares of Progressive by 4.6% in the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after purchasing an additional 45 shares during the period. Finally, Sunbelt Securities Inc. grew its stake in Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PGR. Morgan Stanley restated an “overweight” rating and issued a $310.00 price objective on shares of Progressive in a report on Friday, December 13th. Barclays upped their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday. Wells Fargo & Company increased their target price on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Finally, Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research report on Thursday, December 26th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.94.

Progressive Stock Performance

Shares of NYSE:PGR traded up $2.12 during trading on Friday, hitting $242.77. The stock had a trading volume of 764,358 shares, compared to its average volume of 1,927,230. The stock has a 50-day simple moving average of $251.58 and a two-hundred day simple moving average of $239.85. The stock has a market capitalization of $142.22 billion, a price-to-earnings ratio of 17.64, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The Progressive Co. has a 12-month low of $161.56 and a 12-month high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, equities research analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date is Thursday, January 9th. Progressive’s dividend payout ratio (DPR) is 2.91%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the transaction, the chief financial officer now directly owns 282,958 shares of the company’s stock, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,981 shares of company stock worth $5,816,178. 0.34% of the stock is owned by corporate insiders.

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.