Williams Jones Wealth Management LLC. Lowers Stake in The Progressive Co. (NYSE:PGR)

Williams Jones Wealth Management LLC. lowered its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,737 shares of the insurance provider's stock after selling 3,062 shares during the period. Williams Jones Wealth Management LLC.'s holdings in Progressive were worth $44,744,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Kesler Norman & Wride LLC grew its stake in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock worth $885,000 after buying an additional 40 shares during the last quarter. Atlantic Edge Private Wealth Management LLC boosted its holdings in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after acquiring an additional 41 shares in the last quarter. Washington Trust Bank grew its stake in shares of Progressive by 4.1% in the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock worth $255,000 after acquiring an additional 42 shares during the last quarter. SYM FINANCIAL Corp grew its stake in shares of Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock worth $384,000 after acquiring an additional 44 shares during the last quarter. Finally, Monument Capital Management increased its holdings in shares of Progressive by 0.3% during the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock valued at $3,298,000 after acquiring an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Morgan Stanley increased their price target on shares of Progressive from $320.00 to $330.00 and gave the company an "overweight" rating in a report on Monday. Wells Fargo & Company raised their price target on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. BMO Capital Markets upped their price objective on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Finally, Jefferies Financial Group reduced their target price on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and an average price target of $288.24.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares of the company's stock, valued at approximately $180,891.35. This represents a 35.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 1,542 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now owns 268,024 shares in the company, valued at approximately $75,759,663.84. The trade was a 0.57% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,894 shares of company stock worth $11,020,097. Corporate insiders own 0.34% of the company's stock.

Progressive Price Performance

NYSE PGR opened at $288.11 on Tuesday. The company has a 50-day moving average price of $275.57 and a 200-day moving average price of $262.13. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $168.90 billion, a P/E ratio of 20.01, a PEG ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last announced its 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 during the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.