Raymond James Financial Services Advisors Inc. Reduces Holdings in The Progressive Co. (NYSE:PGR)

Raymond James Financial Services Advisors Inc. cut its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 4.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,774 shares of the insurance provider's stock after selling 6,208 shares during the quarter. Raymond James Financial Services Advisors Inc.'s holdings in Progressive were worth $19,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of the company. CVA Family Office LLC purchased a new position in shares of Progressive during the 4th quarter valued at $117,000. Carlson Capital Management bought a new stake in shares of Progressive during the fourth quarter worth $267,000. CoreCap Advisors LLC purchased a new position in Progressive in the 4th quarter worth about $275,000. Cooper Financial Group lifted its holdings in Progressive by 16.2% during the 4th quarter. Cooper Financial Group now owns 4,973 shares of the insurance provider's stock valued at $792,000 after buying an additional 695 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA boosted its position in Progressive by 3.8% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 57,610 shares of the insurance provider's stock valued at $9,176,000 after buying an additional 2,134 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Up 0.3 %

Shares of Progressive stock traded up $0.67 during trading hours on Friday, reaching $206.82. 3,163,452 shares of the company were exchanged, compared to its average volume of 3,005,004. The firm has a market cap of $121.13 billion, a PE ratio of 31.43, a PEG ratio of 0.94 and a beta of 0.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $208.19. The stock's fifty day moving average is $190.28 and its 200 day moving average is $167.55.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.43 by $0.53. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The company had revenue of $16.89 billion for the quarter, compared to analyst estimates of $16.10 billion. During the same quarter last year, the company earned $1.52 EPS. As a group, equities research analysts forecast that The Progressive Co. will post 9.82 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, April 4th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive's dividend payout ratio (DPR) is currently 12.92%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PGR shares. BMO Capital Markets boosted their target price on shares of Progressive from $185.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, January 25th. HSBC increased their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a "hold" rating in a report on Thursday. UBS Group lifted their price objective on Progressive from $159.00 to $170.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 10th. TD Cowen started coverage on Progressive in a report on Wednesday, January 10th. They issued a "market perform" rating and a $174.00 target price for the company. Finally, Piper Sandler boosted their price target on shares of Progressive from $188.00 to $207.00 and gave the company an "overweight" rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $186.50.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 1,210 shares of the company's stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total value of $196,334.60. Following the completion of the sale, the insider now owns 27,247 shares in the company, valued at approximately $4,421,098.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Andrew J. Quigg sold 551 shares of the firm's stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now owns 27,921 shares in the company, valued at approximately $4,725,350.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 1,210 shares of the company's stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total value of $196,334.60. Following the sale, the insider now directly owns 27,247 shares of the company's stock, valued at $4,421,098.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,949 shares of company stock valued at $10,671,740. 0.34% of the stock is currently owned by corporate insiders.

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.