Arthur M. Cohen & Associates LLC Has $8.08 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Arthur M. Cohen & Associates LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 1.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 33,738 shares of the insurance provider’s stock after selling 576 shares during the period. Progressive comprises approximately 1.4% of Arthur M. Cohen & Associates LLC’s holdings, making the stock its 15th largest holding. Arthur M. Cohen & Associates LLC’s holdings in Progressive were worth $8,084,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Davis Capital Management acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. grew its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the period. Kimelman & Baird LLC bought a new stake in shares of Progressive during the 2nd quarter valued at $36,000. Friedenthal Financial acquired a new position in shares of Progressive in the 3rd quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progressive in the 3rd quarter worth $49,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock valued at $8,222,168 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Morgan Stanley reaffirmed an “overweight” rating and issued a $310.00 price target on shares of Progressive in a research note on Friday, December 13th. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Finally, Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Progressive currently has an average rating of “Moderate Buy” and an average price target of $275.24.

Progressive Price Performance

Shares of NYSE PGR opened at $243.79 on Friday. The Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62. The company has a market cap 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 business’s 50 day moving average price is $250.53 and its two-hundred day moving average price is $242.03. 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 posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, analysts predict that The Progressive Co. will post 13.52 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed 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 of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 2.91%.

Progressive Company 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.