Spinnaker Trust Buys Shares of 2,130 The Progressive Co. (NYSE:PGR)

Spinnaker Trust bought a new stake in The Progressive Co. (NYSE:PGR) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 2,130 shares of the insurance provider’s stock, valued at approximately $510,000.

A number of other institutional investors have also recently added to or reduced their stakes in PGR. Geode Capital Management LLC lifted its stake in Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after acquiring an additional 1,682,213 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after buying an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Progressive by 75.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after buying an additional 641,943 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Progressive by 29,701.6% in the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after buying an additional 594,330 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Progressive by 102.3% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock worth $260,102,000 after buying an additional 518,262 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 0.2 %

Shares of NYSE:PGR opened at $262.71 on Friday. The Progressive Co. has a 52 week low of $186.94 and a 52 week high of $270.62. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The company’s fifty day moving average is $244.97 and its 200-day moving average is $247.09. The company has a market capitalization of $153.90 billion, a PE ratio of 18.24, a P/E/G ratio of 0.64 and a beta of 0.42.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts predict that The Progressive Co. will post 14.44 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s 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 transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock worth $13,983,575 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PGR. Bank of America boosted their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Wells Fargo & Company boosted their target price on shares of Progressive from $302.00 to $313.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, TD Cowen boosted their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.71.

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.