FourThought Financial LLC Has $236,000 Stake in The Progressive Co. (NYSE:PGR)

FourThought Financial LLC lowered its stake in The Progressive Co. (NYSE:PGR – Get Rating) by 12.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,035 shares of the insurance provider’s stock after selling 280 shares during the quarter. FourThought Financial LLC’s holdings in Progressive were worth $236,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Quent Capital LLC raised its holdings in Progressive by 29.4% in the 3rd quarter. Quent Capital LLC now owns 348 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 79 shares during the period. McKinley Carter Wealth Services Inc. increased its stake in shares of Progressive by 1.7% in the third quarter. McKinley Carter Wealth Services Inc. now owns 5,927 shares of the insurance provider’s stock worth $689,000 after purchasing an additional 99 shares during the period. Bellecapital International Ltd. lifted its position in shares of Progressive by 2.8% during the 3rd quarter. Bellecapital International Ltd. now owns 3,676 shares of the insurance provider’s stock worth $427,000 after purchasing an additional 100 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Progressive by 5.1% during the 3rd quarter. International Assets Investment Management LLC now owns 2,129 shares of the insurance provider’s stock valued at $247,000 after purchasing an additional 103 shares during the period. Finally, Highland Private Wealth Management grew its holdings in Progressive by 5.1% in the 3rd quarter. Highland Private Wealth Management now owns 2,205 shares of the insurance provider’s stock valued at $256,000 after buying an additional 106 shares during the last quarter. Institutional investors own 83.19% of the company’s stock.

Insider Activity at Progressive

In other news, insider Daniel P. Mascaro sold 3,930 shares of the firm’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $126.55, for a total transaction of $497,341.50. Following the completion of the sale, the insider now owns 38,888 shares of the company’s stock, valued at $4,921,276.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Susan Patricia Griffith sold 26,885 shares of the company’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $130.36, for a total transaction of $3,504,728.60. Following the transaction, the chief executive officer now owns 431,810 shares in the company, valued at approximately $56,290,751.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel P. Mascaro sold 3,930 shares of the firm’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $126.55, for a total transaction of $497,341.50. Following the completion of the sale, the insider now owns 38,888 shares of the company’s stock, valued at approximately $4,921,276.40. The disclosure for this sale can be found here. Insiders sold 54,140 shares of company stock valued at $7,273,080 in the last ninety days. Insiders own 0.37% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $136.32 on Friday. The firm has a market capitalization of $79.79 billion, a P/E ratio of 115.53, a P/E/G ratio of 0.90 and a beta of 0.50. The stock has a fifty day moving average price of $137.74 and a two-hundred day moving average price of $130.25. The Progressive Co. has a 52-week low of $106.35 and a 52-week high of $146.50. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.37 and a quick ratio of 0.37.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Thursday, April 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend is Wednesday, April 5th. Progressive’s dividend payout ratio (DPR) is currently 33.90%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PGR shares. Raymond James increased their price objective on Progressive from $145.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, January 26th. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $127.00 to $140.00 and gave the stock a “market perform” rating in a report on Friday, February 17th. Barclays upped their price objective on shares of Progressive from $104.00 to $109.00 and gave the company an “underweight” rating in a research report on Thursday, December 15th. Roth Mkm boosted their price target on Progressive from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, February 16th. Finally, Piper Sandler upgraded Progressive from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $133.00 to $138.00 in a research report on Monday, February 13th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $139.85.

Progressive Company Profile

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.