Nepc LLC Sells 2,028 Shares of The Progressive Co. (NYSE:PGR)

Nepc LLC decreased its position in The Progressive Co. (NYSE:PGR) by 2.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 78,640 shares of the insurance provider’s stock after selling 2,028 shares during the period. Progressive comprises 0.5% of Nepc LLC’s portfolio, making the stock its 26th biggest position. Nepc LLC’s holdings in Progressive were worth $18,843,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PGR. Kesler Norman & Wride LLC raised its stake in shares of Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock worth $885,000 after purchasing an additional 40 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Progressive by 54.7% during the 4th 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. Washington Trust Bank raised its stake in shares of Progressive by 4.1% during the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock worth $255,000 after purchasing an additional 42 shares in the last quarter. SYM FINANCIAL Corp raised its stake in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after purchasing an additional 44 shares in the last quarter. Finally, Monument Capital Management raised its stake in shares of Progressive by 0.3% during the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock worth $3,298,000 after purchasing an additional 44 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $268.59, for a total value of $2,685,900.00. Following the transaction, the chief financial officer now owns 248,024 shares in the company, valued at approximately $66,616,766.16. This represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 400 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the transaction, the director now owns 8,370 shares in the company, valued at approximately $2,302,084.80. The trade was a 4.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,894 shares of company stock valued at $11,020,097 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 1.7%

Shares of PGR stock opened at $280.87 on Thursday. The stock has a market cap of $164.65 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 1.70 and a beta of 0.40. The stock has a 50-day moving average of $275.62 and a 200-day moving average of $262.42. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating 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 company had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. On average, equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid 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 dividend payout ratio is currently 2.70%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PGR shares. UBS Group boosted their target price on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, March 14th. Roth Mkm upped their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price objective on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. Bank of America upgraded Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price for the company in a research report on Monday, April 28th. Finally, StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $288.24.

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.