McElhenny Sheffield Capital Management LLC Buys 122 Shares of The Progressive Co. (NYSE:PGR)

McElhenny Sheffield Capital Management LLC lifted its stake in The Progressive Co. (NYSE:PGR) by 5.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,441 shares of the insurance provider’s stock after buying an additional 122 shares during the period. McElhenny Sheffield Capital Management LLC’s holdings in Progressive were worth $585,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. lifted its position in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC acquired a new stake in Progressive during the second quarter worth $36,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Progressive in the 3rd quarter valued at $49,000. Finally, Friedenthal Financial bought a new position in shares of Progressive during the 3rd quarter worth about $49,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 681 shares of the 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 sale, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock worth $8,222,168 in the last three months. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.7 %

PGR opened at $243.79 on Friday. The firm has a 50 day simple moving average of $250.18 and a 200 day simple moving average of $242.27. The Progressive Co. has a fifty-two week low of $166.92 and a fifty-two week high of $270.62. The company has a market cap of $142.82 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Analyst Ratings Changes

A number of research firms recently weighed in on PGR. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Barclays lowered their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Keefe, Bruyette & Woods cut their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Evercore ISI increased their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Morgan Stanley restated an “overweight” rating and issued a $310.00 target price on shares of Progressive in a research note on Friday, December 13th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $275.24.

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.