The Progressive Corporation $PGR Shares Sold by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR) by 84.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,551 shares of the insurance provider’s stock after selling 8,303 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Progressive were worth $329,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cidel Asset Management Inc. raised its position in shares of Progressive by 9.9% in the fourth quarter. Cidel Asset Management Inc. now owns 1,732 shares of the insurance provider’s stock valued at $394,000 after buying an additional 156 shares during the last quarter. Signaturefd LLC boosted its position in Progressive by 1.7% during the fourth quarter. Signaturefd LLC now owns 12,781 shares of the insurance provider’s stock worth $2,910,000 after acquiring an additional 208 shares during the last quarter. Invesco LLC grew its stake in Progressive by 15.0% during the 4th quarter. Invesco LLC now owns 4,891 shares of the insurance provider’s stock valued at $1,114,000 after acquiring an additional 638 shares in the last quarter. eCIO Inc. purchased a new stake in Progressive during the 4th quarter valued at about $104,000. Finally, Ascent Group LLC raised its holdings in Progressive by 4.9% in the 4th quarter. Ascent Group LLC now owns 41,117 shares of the insurance provider’s stock valued at $9,363,000 after acquiring an additional 1,908 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Citigroup lowered their target price on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Roth Mkm set a $235.00 price target on Progressive in a report on Thursday, February 19th. Piper Sandler reiterated an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. Morgan Stanley dropped their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Finally, Barclays set a $247.00 target price on Progressive in a research note on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $238.39.

Progressive Stock Down 0.1%

PGR stock opened at $195.14 on Monday. The Progressive Corporation has a one year low of $192.02 and a one year high of $289.96. The firm has a market cap of $114.15 billion, a PE ratio of 10.14, a PEG ratio of 5.65 and a beta of 0.34. The firm’s 50 day moving average price is $204.94 and its 200-day moving average price is $217.55. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35.

Progressive Announces Dividend

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

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 11,687 shares of company stock worth $2,413,044. Corporate insiders own 0.34% of the company’s stock.

About Progressive

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.