Farmers & Merchants Investments Inc. Sells 50 Shares of The Progressive Co. (NYSE:PGR)

Farmers & Merchants Investments Inc. decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.8% in the third quarter, Holdings Channel.com reports. The firm owned 459 shares of the insurance provider’s stock after selling 50 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Progressive were worth $116,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Davis Capital Management bought a new position in shares of Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC increased its stake in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank increased its stake in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. increased its stake in shares of Progressive by 114.1% during the third 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 in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Progressive during the first quarter valued at approximately $36,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.6 %

PGR opened at $243.02 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $260.46. The company has a market capitalization of $142.33 billion, a PE ratio of 17.66, a PEG ratio of 0.67 and a beta of 0.35. The firm’s 50 day simple moving average is $250.80 and its two-hundred day simple moving average is $226.29.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were given a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is presently 2.91%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PGR shares. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a report on Monday, August 12th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Piper Sandler increased their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Morgan Stanley increased their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,843 shares of company stock worth $18,674,912. Company insiders own 0.34% of the company’s stock.

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.