Asset Dedication LLC Acquires 269 Shares of The Progressive Co. (NYSE:PGR)

Asset Dedication LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,880 shares of the insurance provider’s stock after acquiring an additional 269 shares during the quarter. Asset Dedication LLC’s holdings in Progressive were worth $1,409,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PGR. Raleigh Capital Management Inc. increased its position in Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after buying an additional 41 shares in the last quarter. LRI Investments LLC increased its position in Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after buying an additional 42 shares in the last quarter. Castleview Partners LLC increased its position in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after buying an additional 45 shares in the last quarter. Washington Trust Bank increased its position in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares in the last quarter. Finally, Kelleher Financial Advisors increased its position in Progressive by 4.7% in the 4th quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider’s stock valued at $238,000 after buying an additional 45 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research analyst reports. Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a research report on Thursday, December 26th. BMO Capital Markets decreased their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Morgan Stanley decreased their price objective on Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a report on Tuesday, January 21st. Finally, StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $238.66, for a total value of $2,386,600.00. Following the completion of the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,506 shares of company stock worth $10,531,159. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $244.86 on Wednesday. The Progressive Co. has a 12 month low of $175.50 and a 12 month high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The business’s 50 day simple moving average is $247.89 and its 200 day simple moving average is $244.25. The company has a market cap of $143.44 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 0.62 and a beta of 0.41.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 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.