First Citizens Bank & Trust Co. Has $558,000 Stake in The Progressive Co. (NYSE:PGR)

First Citizens Bank & Trust Co. increased its position in shares of The Progressive Co. (NYSE:PGR) by 14.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,329 shares of the insurance provider’s stock after purchasing an additional 293 shares during the period. First Citizens Bank & Trust Co.’s holdings in Progressive were worth $558,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management bought a new stake in shares of Progressive in the third quarter valued at about $25,000. DiNuzzo Private Wealth Inc. boosted its holdings in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC acquired a new position in shares of Progressive during the 2nd quarter worth approximately $36,000. Friedenthal Financial acquired a new stake in shares of Progressive in the third quarter valued at approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Progressive in the third quarter valued at approximately $49,000. 85.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,506 shares of company stock valued at $10,531,159. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PGR shares. Barclays dropped their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Morgan Stanley decreased their target price on shares of Progressive from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Tuesday, January 21st. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $274.65.

Progressive Trading Up 3.4 %

Shares of NYSE PGR opened at $246.83 on Tuesday. The firm has a 50 day moving average price of $248.27 and a two-hundred day moving average price of $243.79. The stock has a market cap of $144.60 billion, a P/E ratio of 17.94, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 52-week low of $175.50 and a 52-week 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.

Progressive Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is currently 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.