Jacobi Capital Management LLC Sells 154 Shares of The Progressive Co. (NYSE:PGR)

Jacobi Capital Management LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 6.5% during the 1st quarter, Holdings Channel reports. The fund owned 2,202 shares of the insurance provider’s stock after selling 154 shares during the period. Jacobi Capital Management LLC’s holdings in Progressive were worth $455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Sachetta LLC purchased a new stake in shares of Progressive in the fourth quarter worth $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive in the fourth quarter worth $25,000. Valley National Advisers Inc. increased its stake in shares of Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive in the first quarter worth $32,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Progressive in the first quarter worth $35,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now owns 974 shares in the company, valued at approximately $213,383.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now owns 974 shares in the company, valued at approximately $213,383.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the sale, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,647 shares of company stock worth $7,417,765. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PGR has been the subject of a number of analyst reports. Roth Mkm reissued a “buy” rating and issued a $235.00 price objective on shares of Progressive in a research note on Wednesday, July 17th. Morgan Stanley cut their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. HSBC raised their target price on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. BMO Capital Markets raised their target price on shares of Progressive from $235.00 to $239.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Finally, The Goldman Sachs Group raised their target price on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $222.94.

Progressive Price Performance

Shares of NYSE:PGR traded down $0.70 on Tuesday, reaching $215.60. The company’s stock had a trading volume of 372,922 shares, compared to its average volume of 2,585,561. The Progressive Co. has a 52-week low of $121.87 and a 52-week high of $229.00. The company has a market cap of $126.28 billion, a P/E ratio of 22.14, a PEG ratio of 0.77 and a beta of 0.35. The company has a 50-day simple moving average of $209.96 and a 200 day simple moving average of $200.08. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.32 and a current ratio of 0.33.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the business earned $0.57 EPS. As a group, equities research analysts anticipate that The Progressive Co. will post 12.01 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Progressive Company 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.