Parsons Capital Management Inc. RI Sells 3,086 Shares of The Progressive Co. (NYSE:PGR)

Parsons Capital Management Inc. RI cut its holdings in The Progressive Co. (NYSE:PGR) by 10.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,869 shares of the insurance provider’s stock after selling 3,086 shares during the period. Parsons Capital Management Inc. RI’s holdings in Progressive were worth $6,678,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management purchased a new position in shares of Progressive in the third quarter worth $25,000. Webster Bank N. A. purchased a new position in Progressive during the fourth quarter valued at $26,000. DiNuzzo Private Wealth Inc. increased its holdings in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Progressive in the 2nd quarter worth $36,000. Finally, Friedenthal Financial bought a new position in shares of Progressive during the 3rd quarter valued at about $49,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, 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 ninety days, insiders sold 42,506 shares of company stock worth $10,531,159. 0.34% of the stock is currently owned by insiders.

Progressive Trading Down 0.4 %

PGR opened at $238.58 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock’s 50 day moving average price is $248.27 and its 200-day moving average price is $243.79. The Progressive Co. has a one year low of $175.50 and a one year high of $270.62. The stock has a market cap of $139.76 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Bank of America lifted their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. TD Cowen increased their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Evercore ISI raised their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Barclays lowered their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $274.65.

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.