Terra Nova Asset Management LLC Has $1.85 Million Stock Position in The Progressive Co. (NYSE:PGR)

Terra Nova Asset Management LLC lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,715 shares of the insurance provider’s stock after selling 75 shares during the quarter. Terra Nova Asset Management LLC’s holdings in Progressive were worth $1,848,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PGR. Brighton Jones LLC grew its position in Progressive by 55.4% during the second quarter. Brighton Jones LLC now owns 2,938 shares of the insurance provider’s stock valued at $610,000 after purchasing an additional 1,047 shares in the last quarter. King Luther Capital Management Corp grew its position in Progressive by 8.2% during the second quarter. King Luther Capital Management Corp now owns 2,173 shares of the insurance provider’s stock valued at $451,000 after purchasing an additional 164 shares in the last quarter. AE Wealth Management LLC grew its position in Progressive by 118.4% during the second quarter. AE Wealth Management LLC now owns 9,022 shares of the insurance provider’s stock valued at $1,874,000 after purchasing an additional 4,891 shares in the last quarter. Pacer Advisors Inc. grew its position in Progressive by 29.2% during the second quarter. Pacer Advisors Inc. now owns 51,907 shares of the insurance provider’s stock valued at $10,782,000 after purchasing an additional 11,720 shares in the last quarter. Finally, Sei Investments Co. grew its position in Progressive by 6.0% during the second quarter. Sei Investments Co. now owns 467,513 shares of the insurance provider’s stock valued at $97,108,000 after purchasing an additional 26,375 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $310.00 price objective on shares of Progressive in a research report on Friday, December 13th. Keefe, Bruyette & Woods dropped their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI lifted their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

Progressive Price Performance

Shares of NYSE:PGR opened at $243.79 on Monday. The company has a market cap of $142.82 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.61 and a beta of 0.41. The business has a 50 day moving average price of $250.18 and a 200 day moving average price of $242.49. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a twelve month low of $166.92 and a twelve month high of $270.62.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is 2.91%.

Insider Transactions at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,938 shares of company stock worth $7,473,490. Insiders own 0.34% of the company’s stock.

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.