Lincoln National Corp Acquires New Holdings in The Progressive Co. (NYSE:PGR)

Lincoln National Corp acquired a new stake in The Progressive Co. (NYSE:PGR – Get Rating) during the 4th quarter, Holdings Channel.com reports. The firm acquired 1,667 shares of the insurance provider’s stock, valued at approximately $216,000.

Other large investors have also made changes to their positions in the company. MinichMacGregor Wealth Management LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $26,000. Capital Directions Investment Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $27,000. RFP Financial Group LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $39,000. Neo Ivy Capital Management acquired a new stake in shares of Progressive during the 2nd quarter worth about $35,000. Finally, Boyd Watterson Asset Management LLC OH acquired a new stake in shares of Progressive during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 83.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Citigroup decreased their price objective on Progressive from $124.00 to $121.00 in a report on Wednesday, May 3rd. Roth Capital restated a “buy” rating on shares of Progressive in a report on Wednesday, February 15th. BMO Capital Markets lowered shares of Progressive from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $165.00 to $150.00 in a report on Thursday, April 27th. Credit Suisse Group reiterated a “neutral” rating and set a $143.00 price objective on shares of Progressive in a report on Friday, April 14th. Finally, Evercore ISI dropped their price objective on Progressive from $167.00 to $163.00 and set an “outperform” rating for the company in a report on Friday, April 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $148.00.

Progressive Stock Performance

Shares of NYSE:PGR opened at $134.38 on Thursday. The business’s 50-day simple moving average is $139.52 and its 200 day simple moving average is $134.57. The company has a market cap of $78.66 billion, a P/E ratio of 95.30, a PEG ratio of 0.96 and a beta of 0.50. The Progressive Co. has a one year low of $106.95 and a one year high of $149.87. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.37 and a current ratio of 0.37.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Thursday, April 6th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend was Wednesday, April 5th. Progressive’s payout ratio is 28.37%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 15,473 shares of the stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $142.64, for a total value of $2,207,068.72. Following the completion of the transaction, the chief executive officer now owns 431,811 shares of the company’s stock, valued at $61,593,521.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Susan Patricia Griffith sold 15,473 shares of the business’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $142.64, for a total value of $2,207,068.72. Following the completion of the sale, the chief executive officer now directly owns 431,811 shares of the company’s stock, valued at $61,593,521.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel P. Mascaro sold 2,806 shares of the business’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $141.64, for a total value of $397,441.84. Following the completion of the sale, the insider now directly owns 36,082 shares of the company’s stock, valued at $5,110,654.48. The disclosure for this sale can be found here. In the last three months, insiders sold 24,987 shares of company stock valued at $3,532,227. Corporate insiders own 0.33% of the company’s stock.

About Progressive

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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.