Meiji Yasuda America Inc bought a new position in shares of The Progressive Corporation (NYSE:PGR – Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 19,701 shares of the insurance provider’s stock, valued at approximately $4,486,000.
Other institutional investors have also modified their holdings of the company. Dagco Inc. purchased a new stake in shares of Progressive during the 4th quarter worth about $28,000. Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Entrust Financial LLC purchased a new stake in shares of Progressive during the 4th quarter worth about $33,000. Kingdom Financial Group LLC. purchased a new stake in shares of Progressive during the 4th quarter worth about $34,000. Finally, Bangor Savings Bank grew its holdings in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Insider Buying and Selling at Progressive
In other Progressive news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,343 shares of company stock valued at $1,470,355 in the last three months. Corporate insiders own 0.32% of the company’s stock.
Analyst Upgrades and Downgrades
Check Out Our Latest Research Report on Progressive
Progressive Stock Performance
Progressive stock opened at $202.41 on Friday. The stock’s 50 day moving average price is $199.01 and its 200 day moving average price is $208.09. The firm has a market capitalization of $118.27 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 5.92 and a beta of 0.28. 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 Progressive Corporation has a one year low of $189.20 and a one year high of $269.84.
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping 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 period in the previous year, the company posted $4.37 EPS. Progressive’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, sell-side analysts expect that The Progressive Corporation will post 16.35 EPS for the current fiscal year.
Progressive Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 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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