Stonehearth Capital Management LLC Sells 270 Shares of The Progressive Co. (NYSE:PGR)

Stonehearth Capital Management LLC lowered its position in The Progressive Co. (NYSE:PGR) by 14.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,653 shares of the insurance provider’s stock after selling 270 shares during the period. Stonehearth Capital Management LLC’s holdings in Progressive were worth $396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PGR. State Street Corp boosted its holdings in shares of Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after purchasing an additional 315,411 shares during the period. Geode Capital Management LLC increased its stake in shares of Progressive by 13.2% during 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 buying an additional 1,682,213 shares during the period. FMR LLC raised its holdings in shares of Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after acquiring an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after acquiring an additional 330,667 shares during the period. Finally, Legal & General Group Plc grew its holdings in Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after acquiring an additional 92,212 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on PGR shares. Morgan Stanley restated an “overweight” rating and issued a $310.00 price target on shares of Progressive in a report on Friday, December 13th. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a research report on Thursday, December 26th. Keefe, Bruyette & Woods boosted their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Roth Mkm lifted their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their price target on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $275.00.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,919 shares of company stock valued at $8,222,168. 0.34% of the stock is owned by company insiders.

Progressive Stock Performance

NYSE:PGR traded up $2.96 during midday trading on Tuesday, hitting $242.55. The company’s stock had a trading volume of 775,302 shares, compared to its average volume of 1,851,751. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a fifty-two week low of $162.35 and a fifty-two week high of $270.62. The firm’s 50 day moving average is $251.45 and its 200-day moving average is $240.70. The firm has a market cap of $142.09 billion, a P/E ratio of 17.63, a P/E/G ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio is currently 2.91%.

About Progressive

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.