TrimTabs Asset Management LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,095 shares of the insurance provider’s stock after selling 126 shares during the period. TrimTabs Asset Management LLC’s holdings in The Progressive were worth $1,914,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Canandaigua National Corp purchased a new stake in shares of The Progressive during the 1st quarter worth approximately $714,000. Fulton Bank N.A. grew its stake in The Progressive by 8.1% in the 1st quarter. Fulton Bank N.A. now owns 8,219 shares of the insurance provider’s stock valued at $786,000 after buying an additional 618 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in The Progressive by 26.8% in the 4th quarter. Koshinski Asset Management Inc. now owns 3,493 shares of the insurance provider’s stock valued at $345,000 after buying an additional 738 shares in the last quarter. Legacy Wealth Asset Management LLC purchased a new position in The Progressive in the 4th quarter valued at approximately $270,000. Finally, Curi Capital purchased a new position in The Progressive in the 4th quarter valued at approximately $387,000. Institutional investors own 81.47% of the company’s stock.
In related news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction dated Thursday, March 18th. The shares were sold at an average price of $91.40, for a total transaction of $1,096,800.00. Following the transaction, the chief financial officer now owns 332,721 shares in the company, valued at $30,410,699.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel P. Mascaro sold 2,351 shares of the business’s stock in a transaction dated Wednesday, February 3rd. The shares were sold at an average price of $86.17, for a total transaction of $202,585.67. Following the transaction, the insider now owns 35,050 shares in the company, valued at approximately $3,020,258.50. The disclosure for this sale can be found here. Insiders have sold 15,594 shares of company stock worth $1,418,589 in the last quarter. 0.38% of the stock is owned by corporate insiders.
The Progressive stock traded down $1.46 during mid-day trading on Thursday, hitting $94.40. The company’s stock had a trading volume of 25,513 shares, compared to its average volume of 2,994,560. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.45. The stock has a market cap of $55.24 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 2.58 and a beta of 0.45. The business has a 50 day moving average price of $91.06 and a 200-day moving average price of $92.98. The Progressive Co. has a 12 month low of $71.25 and a 12 month high of $102.05.
The Progressive (NYSE:PGR) last released its quarterly earnings data on Monday, March 1st. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.16. The Progressive had a net margin of 12.13% and a return on equity of 28.89%. On average, equities research analysts expect that The Progressive Co. will post 7.4 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, April 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Tuesday, April 6th. The Progressive’s payout ratio is 68.45%.
A number of research analysts recently weighed in on PGR shares. Edward Jones upgraded shares of The Progressive from a “hold” rating to a “buy” rating in a research note on Wednesday, March 24th. Wells Fargo & Company lowered shares of The Progressive from an “equal weight” rating to an “underweight” rating and set a $99.00 price objective for the company. in a research note on Monday, January 4th. The Goldman Sachs Group lowered shares of The Progressive from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $92.00 to $90.00 in a research note on Friday, January 8th. Raymond James reiterated a “buy” rating on shares of The Progressive in a research note on Monday, February 22nd. Finally, Morgan Stanley cut their price target on shares of The Progressive from $91.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, March 24th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The Progressive has a consensus rating of “Hold” and a consensus target price of $96.69.
The Progressive Profile
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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