First Hawaiian Bank cut its stake in Progressive Corp (NYSE:PGR) by 14.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 27,108 shares of the insurance provider’s stock after selling 4,689 shares during the quarter. First Hawaiian Bank’s holdings in Progressive were worth $1,635,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. MPS Loria Financial Planners LLC purchased a new position in Progressive in the fourth quarter valued at about $1,003,000. Hexavest Inc. purchased a new position in Progressive in the fourth quarter valued at about $62,136,000. Retirement Systems of Alabama increased its holdings in Progressive by 142.5% in the fourth quarter. Retirement Systems of Alabama now owns 652,002 shares of the insurance provider’s stock valued at $39,335,000 after buying an additional 383,100 shares in the last quarter. CENTRAL TRUST Co increased its holdings in Progressive by 62.2% in the fourth quarter. CENTRAL TRUST Co now owns 9,660 shares of the insurance provider’s stock valued at $583,000 after buying an additional 3,705 shares in the last quarter. Finally, North Star Investment Management Corp. increased its holdings in Progressive by 21.0% in the fourth quarter. North Star Investment Management Corp. now owns 3,375 shares of the insurance provider’s stock valued at $204,000 after buying an additional 585 shares in the last quarter. 79.93% of the stock is owned by institutional investors.
In related news, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $64.87, for a total transaction of $817,362.00. Following the sale, the insider now owns 253,256 shares in the company, valued at $16,428,716.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John A. Barbagallo sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the sale, the insider now owns 177,368 shares in the company, valued at approximately $12,064,571.36. The disclosure for this sale can be found here. Insiders sold 68,548 shares of company stock worth $4,569,056 over the last quarter. Company insiders own 0.70% of the company’s stock.
A number of research analysts have issued reports on the stock. Morgan Stanley raised shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 target price for the company in a report on Wednesday, November 7th. Barclays increased their target price on shares of Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a report on Monday, November 12th. Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the company a “buy” rating in a report on Wednesday, November 14th. Citigroup increased their price target on shares of Progressive from $70.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, October 12th. Finally, ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $71.57.
PGR stock opened at $61.68 on Friday. The company has a market capitalization of $35.71 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 1.72 and a beta of 0.76. Progressive Corp has a 12 month low of $50.79 and a 12 month high of $73.69. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34.
Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.14 by $0.43. The business had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.38 earnings per share. Equities analysts anticipate that Progressive Corp will post 4.78 EPS for the current fiscal year.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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