The Progressive Corporation $PGR Shares Sold by Beaumont Financial Advisors LLC

Beaumont Financial Advisors LLC reduced its position in The Progressive Corporation (NYSE:PGR) by 72.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,698 shares of the insurance provider’s stock after selling 14,832 shares during the period. Beaumont Financial Advisors LLC’s holdings in Progressive were worth $1,298,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at approximately $25,000. Dagco Inc. acquired a new position in shares of Progressive in the 4th quarter valued at $28,000. Ameriflex Group Inc. increased its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the period. Howard Hughes Medical Institute purchased a new stake in Progressive in the 2nd quarter valued at $34,000. Finally, Bangor Savings Bank raised its position in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $195.14 on Friday. The stock has a market capitalization of $114.15 billion, a P/E ratio of 10.14, a P/E/G ratio of 5.59 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The Progressive Corporation has a 1 year low of $192.02 and a 1 year high of $289.96. The company’s fifty day moving average is $205.16 and its two-hundred day moving average is $218.27.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s payout ratio is 2.08%.

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 3,517 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 11,687 shares of company stock valued at $2,413,044. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday, March 18th. Argus raised shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Wells Fargo & Company increased their target price on shares of Progressive from $214.00 to $217.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 19th. Keefe, Bruyette & Woods lowered their price target on Progressive from $232.00 to $227.00 and set a “market perform” rating on the stock in a report on Thursday, March 19th. Finally, JPMorgan Chase & Co. dropped their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $238.39.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.