Progressive insider Andrew Quigg sold 1,649 shares on January 21, resulting in a total transaction value of approximately $337,000. Following the sale, Quigg’s holdings decreased by 4%, leaving him with 39,626 shares valued at roughly $8.1 million. The transaction was disclosed in an SEC filing available on the agency’s website.

Progressive declared and paid its quarterly dividend on January 8 to shareholders of record as of January 2. The dividend was $0.10 per share, translating to an annualized payout of $0.40 and a yield of 0.2%. With a payout ratio of 2.19%, the company continues to maintain a conservative distribution policy relative to its earnings.

Several major institutional investors increased their stakes in Progressive during recent quarters. Vanguard Group added 151,240 shares to reach 54.7 million, State Street purchased 78,374 shares to total 25.8 million, and Geode Capital Management raised its position by 301,371 shares to 15.5 million. Capital International Investors made the largest incremental move, acquiring 6.0 million shares for a total of 13.7 million, while Capital Research Global Investors added 2.3 million shares to hold 11.2 million. Institutional and hedge fund ownership now accounts for 85.34% of the total share count.

Brokerages have adjusted their views on Progressive heading into the new fiscal year. JPMorgan Chase lowered its target from 303 to 275 and maintained an overweight rating, William Blair shifted to market perform, and Morgan Stanley reaffirmed an underweight stance. UBS cut its target from 268 to 261 with a neutral rating, while BMO Capital Markets reduced its objective from 253 to 239 and held a market perform view. Of the analysts covering the stock, seven rate it a Buy, thirteen a Hold and two a Sell, with a consensus target of 259.39 and an overall consensus rating of Hold.