Resonant Capital Advisors LLC Sells 910 Shares of The Progressive Co. (NYSE:PGR)

Resonant Capital Advisors LLC lowered its stake in The Progressive Co. (NYSE:PGR) by 3.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 24,881 shares of the insurance provider’s stock after selling 910 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Progressive were worth $3,963,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after buying an additional 2,666,449 shares during the period. Alliancebernstein L.P. raised its position in shares of Progressive by 4.3% in the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock worth $1,291,249,000 after purchasing an additional 403,527 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Progressive by 10.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock worth $963,463,000 after purchasing an additional 655,706 shares during the last quarter. Morgan Stanley raised its position in shares of Progressive by 25.4% in the 4th quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after purchasing an additional 1,361,665 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC purchased a new position in shares of Progressive in the 4th quarter worth about $840,885,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PGR. Keefe, Bruyette & Woods lifted their price target on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Wells Fargo & Company lifted their price target on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. HSBC lifted their price target on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Citigroup boosted their target price on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, UBS Group boosted their target price on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $211.88.

Insider Activity at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Karen Bailo sold 8,464 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold a total of 39,139 shares of company stock valued at $7,458,139 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Up 2.2 %

Progressive stock traded up $4.65 during mid-day trading on Friday, hitting $214.40. The company’s stock had a trading volume of 2,705,608 shares, compared to its average volume of 2,597,054. The company has a 50 day moving average of $199.28 and a 200-day moving average of $174.57. The stock has a market cap of $125.57 billion, a PE ratio of 21.96, a P/E/G ratio of 0.83 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The Progressive Co. has a one year low of $111.41 and a one year high of $215.18.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 EPS. On average, research analysts anticipate that The Progressive Co. will post 11.16 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s payout ratio is currently 4.09%.

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.