Tocqueville Asset Management L.P. increased its stake in Progressive Corp (NYSE:PGR) by 0.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,141 shares of the insurance provider’s stock after purchasing an additional 630 shares during the period. Tocqueville Asset Management L.P.’s holdings in Progressive were worth $10,941,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of PGR. First Financial Corp IN acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. Simon Quick Advisors LLC lifted its holdings in Progressive by 562.0% in the fourth quarter. Simon Quick Advisors LLC now owns 523 shares of the insurance provider’s stock valued at $38,000 after buying an additional 444 shares during the period. Carroll Financial Associates Inc. lifted its holdings in Progressive by 26.6% in the fourth quarter. Carroll Financial Associates Inc. now owns 647 shares of the insurance provider’s stock valued at $46,000 after buying an additional 136 shares during the period. Golden State Wealth Management LLC bought a new position in Progressive in the third quarter valued at approximately $53,000. Finally, HM Payson & Co. bought a new position in Progressive in the second quarter valued at approximately $64,000. 78.69% of the stock is currently owned by hedge funds and other institutional investors.
In other Progressive news, insider Michael D. Sieger sold 3,356 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $75.00, for a total value of $251,700.00. Following the completion of the transaction, the insider now directly owns 51,019 shares of the company’s stock, valued at $3,826,425. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 5,000 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $70.84, for a total value of $354,200.00. Following the completion of the transaction, the insider now directly owns 25,295 shares of the company’s stock, valued at $1,791,897.80. The disclosure for this sale can be found here. Insiders have sold a total of 44,895 shares of company stock worth $3,263,586 in the last ninety days. 0.39% of the stock is currently owned by company insiders.
Shares of NYSE:PGR opened at $74.25 on Wednesday. The company has a 50 day moving average price of $72.72 and a two-hundred day moving average price of $75.40. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market capitalization of $43.09 billion, a PE ratio of 16.80, a PEG ratio of 1.86 and a beta of 0.64. Progressive Corp has a 52 week low of $61.45 and a 52 week high of $84.96.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 26.09%. On average, sell-side analysts forecast that Progressive Corp will post 5.22 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 8th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date is Tuesday, January 7th. Progressive’s payout ratio is presently 9.05%.
PGR has been the subject of several recent research reports. Buckingham Research dropped their target price on shares of Progressive from $78.00 to $72.00 and set a “neutral” rating for the company in a research report on Friday, December 6th. Morgan Stanley lowered Progressive from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $84.00 to $74.00 in a research report on Monday, December 16th. Credit Suisse Group reduced their price target on Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. ValuEngine cut Progressive from a “hold” rating to a “sell” rating in a research note on Monday, November 25th. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $76.00 price objective on shares of Progressive in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $81.00.
Progressive Company Profile
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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