Canandaigua National Bank & Trust Co. Sells 262 Shares of The Progressive Co. (NYSE:PGR)

Canandaigua National Bank & Trust Co. decreased its position in The Progressive Co. (NYSE:PGR) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,806 shares of the insurance provider’s stock after selling 262 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Progressive were worth $1,870,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of PGR. Farmers & Merchants Investments Inc. increased its holdings in Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 48 shares in the last quarter. Private Advisor Group LLC grew its holdings in Progressive by 1.6% in the second quarter. Private Advisor Group LLC now owns 10,782 shares of the insurance provider’s stock worth $2,240,000 after purchasing an additional 172 shares during the period. Savant Capital LLC boosted its position in shares of Progressive by 16.9% during the 2nd quarter. Savant Capital LLC now owns 9,490 shares of the insurance provider’s stock worth $1,971,000 after purchasing an additional 1,369 shares in the last quarter. Acadian Asset Management LLC increased its position in Progressive by 91.7% in the 2nd quarter. Acadian Asset Management LLC now owns 667,956 shares of the insurance provider’s stock valued at $138,721,000 after buying an additional 319,584 shares in the last quarter. Finally, Custom Index Systems LLC boosted its holdings in Progressive by 8.1% in the second quarter. Custom Index Systems LLC now owns 2,330 shares of the insurance provider’s stock worth $484,000 after acquiring an additional 175 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PGR. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 target price on shares of Progressive in a report on Friday, December 13th. Wells Fargo & Company boosted their target price on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Jefferies Financial Group boosted their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average target price of $275.00.

Insider Buying and Selling at Progressive

In other Progressive 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 completion of the sale, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,919 shares of company stock valued at $8,222,168 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR traded down $2.67 during trading hours on Monday, reaching $239.55. The stock had a trading volume of 2,117,951 shares, compared to its average volume of 1,982,721. The stock has a market cap of $140.33 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 12-month low of $162.35 and a 12-month high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50 day simple moving average of $251.55 and a 200 day simple moving average of $240.50.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, research analysts forecast that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Announces Dividend

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

Progressive 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.