Tran Capital Management L.P. Has $11.86 Million Stock Position in The Progressive Co. (NYSE:PGR)

Tran Capital Management L.P. lessened its position in shares of The Progressive Co. (NYSE:PGR) by 1.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 49,488 shares of the insurance provider’s stock after selling 632 shares during the quarter. Progressive makes up approximately 1.3% of Tran Capital Management L.P.’s investment portfolio, making the stock its 23rd largest holding. Tran Capital Management L.P.’s holdings in Progressive were worth $11,858,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. raised its stake in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares during the last quarter. LRI Investments LLC grew its holdings in Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 42 shares during the period. Castleview Partners LLC raised its position in shares of Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares in the last quarter. Washington Trust Bank boosted its position in shares of Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after purchasing an additional 45 shares in the last quarter. Finally, Kelleher Financial Advisors grew its stake in Progressive by 4.7% during the fourth quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider’s stock worth $238,000 after purchasing an additional 45 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $238.58 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a market cap of $139.76 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The stock’s fifty day simple moving average is $248.27 and its two-hundred day simple moving average is $243.31. The Progressive Co. has a 1-year low of $175.50 and a 1-year high of $270.62.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is currently 2.91%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PGR. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Wells Fargo & Company increased their target price on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. TD Cowen increased their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Finally, BMO Capital Markets decreased their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $274.65.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $234,044.98. Following the sale, the insider now directly owns 34,787 shares in the company, valued at approximately $8,463,329.23. This trade represents a 2.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,506 shares of company stock worth $10,531,159. 0.34% of the stock is owned by insiders.

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.