AXQ Capital LP purchased a new position in shares of The Progressive Corporation (NYSE:PGR – Free Report) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 4,906 shares of the insurance provider’s stock, valued at approximately $1,117,000.
Several other institutional investors and hedge funds have also modified their holdings of the business. Klingman & Associates LLC boosted its holdings in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after buying an additional 48 shares during the period. Wealthstream Advisors Inc. lifted its position in Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 49 shares in the last quarter. Revisor Wealth Management LLC boosted its stake in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 50 shares during the period. Cullen Investment Group LTD. boosted its stake in Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after purchasing an additional 52 shares during the period. Finally, Pines Wealth Management LLC increased its holdings in Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Progressive
In other news, insider Karen Bailo sold 3,517 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,928 shares of company stock valued at $831,251 in the last ninety days. Insiders own 0.32% of the company’s stock.
Wall Street Analysts Forecast Growth
View Our Latest Stock Analysis on Progressive
Progressive Trading Up 2.2%
Shares of NYSE:PGR opened at $196.92 on Wednesday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $289.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market capitalization of $115.07 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 5.58 and a beta of 0.28. The company has a 50-day simple moving average of $199.48 and a 200 day simple moving average of $209.49.
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the company earned $4.37 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Sell-side analysts forecast that The Progressive Corporation will post 16.36 earnings per share for the current year.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is 2.03%.
Progressive Company Profile
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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