Reinhart Partners LLC. decreased its stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 26.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,093 shares of the insurance provider’s stock after selling 4,744 shares during the quarter. Reinhart Partners LLC.’s holdings in Progressive were worth $2,982,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dagco Inc. bought a new stake in shares of Progressive in the 4th quarter valued at about $28,000. Ameriflex Group Inc. raised its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Entrust Financial LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $33,000. Kingdom Financial Group LLC. bought a new stake in shares of Progressive in the 4th quarter valued at about $34,000. Finally, Bangor Savings Bank raised its holdings in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on PGR shares. Evercore restated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Morgan Stanley reduced their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Wells Fargo & Company boosted their price target on shares of Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Bank of America reduced their price target on shares of Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, May 20th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a report on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $238.11.
Insider Activity at Progressive
In related news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares in the company, valued at $115,227. The trade was a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 3,928 shares of company stock valued at $831,251. 0.32% of the stock is currently owned by company insiders.
Progressive Trading Up 2.2%
NYSE PGR opened at $196.92 on Wednesday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a market cap of $115.07 billion, a PE 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 moving average price of $199.48 and a 200 day moving average price of $209.49. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $289.96.
Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.37 EPS. As a group, sell-side analysts forecast that The Progressive Corporation will post 16.36 EPS for the current fiscal year.
Progressive Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s 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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