Twinbeech Capital LP Has $384,000 Holdings in The Progressive Co. (NYSE:PGR)

Twinbeech Capital LP lessened its stake in The Progressive Co. (NYSE:PGR - Free Report) by 82.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,603 shares of the insurance provider's stock after selling 7,626 shares during the quarter. Twinbeech Capital LP's holdings in Progressive were worth $384,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AEGON ASSET MANAGEMENT UK Plc boosted its stake in Progressive by 40.4% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 238,250 shares of the insurance provider's stock worth $57,132,000 after purchasing an additional 68,589 shares during the period. Synergy Asset Management LLC lifted its holdings in shares of Progressive by 100.3% in the fourth quarter. Synergy Asset Management LLC now owns 3,541 shares of the insurance provider's stock valued at $875,000 after purchasing an additional 1,773 shares in the last quarter. Archer Investment Corp boosted its position in shares of Progressive by 295.1% during the fourth quarter. Archer Investment Corp now owns 2,102 shares of the insurance provider's stock worth $504,000 after buying an additional 1,570 shares during the period. Sycomore Asset Management grew its holdings in shares of Progressive by 42.8% during the fourth quarter. Sycomore Asset Management now owns 51,770 shares of the insurance provider's stock worth $13,066,000 after buying an additional 15,512 shares in the last quarter. Finally, Vivid Wealth Management LLC bought a new position in shares of Progressive during the fourth quarter worth about $2,143,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. UBS Group upped their price target on Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a research report on Friday, March 14th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Jefferies Financial Group decreased their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an "overweight" rating in a research note on Monday, May 19th. Finally, Wells Fargo & Company raised their price objective on Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $288.24.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 4,669 shares of Progressive stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the completion of the sale, the insider now owns 15,191 shares of the company's stock, valued at approximately $4,248,922.70. This trade represents a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $279.94, for a total transaction of $2,799,400.00. Following the transaction, the chief financial officer now directly owns 269,566 shares in the company, valued at approximately $75,462,306.04. This represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,384 shares of company stock worth $11,711,495 in the last ninety days. 0.34% of the stock is owned by company insiders.

Progressive Stock Performance

Shares of NYSE:PGR traded up $1.79 on Tuesday, hitting $279.09. The company had a trading volume of 1,903,448 shares, compared to its average volume of 2,642,616. The stock has a market cap of $163.61 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 1.70 and a beta of 0.40. The stock has a 50 day moving average price of $275.30 and a 200 day moving average price of $263.06. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive's payout ratio is currently 2.70%.

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.