IHT Wealth Management LLC Cuts Position in The Progressive Co. (NYSE:PGR)

IHT Wealth Management LLC lowered its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 39.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,861 shares of the insurance provider's stock after selling 1,879 shares during the quarter. IHT Wealth Management LLC's holdings in Progressive were worth $685,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Webster Bank N. A. acquired a new stake in Progressive during the fourth quarter worth approximately $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive during the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Valley National Advisers Inc. lifted its stake in Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after buying an additional 120 shares during the last quarter. Finally, Atala Financial Inc acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Progressive stock traded up $2.39 during mid-day trading on Wednesday, reaching $278.70. The company had a trading volume of 742,259 shares, compared to its average volume of 2,626,049. The stock's 50-day simple moving average is $274.29 and its 200-day simple moving average is $258.59. The company has a market capitalization of $163.39 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The firm had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. On average, equities analysts predict that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Analyst Ratings Changes

Several research firms recently commented on PGR. Jefferies Financial Group reduced their price target 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 increased their target price on shares of Progressive from $310.00 to $320.00 and gave the stock an "overweight" rating in a research note on Tuesday. Barclays boosted their price target on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. StockNews.com downgraded Progressive from a "buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, JPMorgan Chase & Co. upped their price target on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $287.41.

Insider Activity

In related news, insider Lori A. Niederst sold 3,855 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the sale, the insider now owns 39,040 shares of the company's stock, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the completion of the transaction, the insider now directly owns 15,191 shares of the company's stock, valued at $4,248,922.70. The trade was a 23.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,749 shares of company stock worth $11,972,513 over the last ninety days. 0.34% of the stock is currently owned by 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.