Woodley Farra Manion Portfolio Management Inc. Sells 3,880 Shares of The Progressive Corporation $PGR

Woodley Farra Manion Portfolio Management Inc. reduced its position in The Progressive Corporation (NYSE:PGR) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 314,085 shares of the insurance provider’s stock after selling 3,880 shares during the quarter. Progressive comprises about 3.7% of Woodley Farra Manion Portfolio Management Inc.’s portfolio, making the stock its 9th biggest holding. Woodley Farra Manion Portfolio Management Inc.’s holdings in Progressive were worth $77,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Illinois Municipal Retirement Fund lifted its position in shares of Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after buying an additional 23,833 shares in the last quarter. Allstate Corp raised its position in Progressive by 1,614.1% during the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after acquiring an additional 20,338 shares during the period. New York Life Investment Management LLC lifted its holdings in Progressive by 1.4% during the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock valued at $23,420,000 after purchasing an additional 1,192 shares in the last quarter. Gateway Investment Advisers LLC grew its position in shares of Progressive by 91.7% in the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock valued at $2,892,000 after purchasing an additional 5,600 shares during the period. Finally, Mather Group LLC. grew its position in shares of Progressive by 40.6% in the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock valued at $4,159,000 after purchasing an additional 4,865 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the sale, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,098 shares of company stock valued at $2,416,011 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Up 0.0%

NYSE PGR traded up $0.00 on Friday, reaching $201.77. 180,185 shares of the company were exchanged, compared to its average volume of 3,710,371. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The business’s fifty day moving average price is $213.28 and its 200 day moving average price is $226.97. The stock has a market capitalization of $118.32 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 7.12 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.08%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PGR shares. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research report on Thursday, January 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. JPMorgan Chase & Co. lowered their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. The Goldman Sachs Group set a $227.00 price objective on Progressive in a research note on Wednesday, January 7th. Finally, Jefferies Financial Group set a $216.00 target price on shares of Progressive in a research note on Wednesday, February 11th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $245.29.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.