Barclays PLC trimmed its position in The Progressive Corporation (NYSE:PGR – Free Report) by 21.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,875,677 shares of the insurance provider’s stock after selling 504,906 shares during the period. Barclays PLC’s holdings in Progressive were worth $427,129,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive during the 4th quarter valued at about $269,000. Bison Wealth LLC increased its stake in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC increased its stake in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after acquiring an additional 1,622 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.
Progressive Stock Up 0.3%
PGR opened at $202.86 on Friday. The firm has a 50 day moving average price of $199.20 and a 200 day moving average price of $208.05. The company has a market cap of $118.54 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 5.89 and a beta of 0.28. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $269.84. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.
Progressive Announces Dividend
The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.03%.
Insider Buying and Selling at Progressive
In other Progressive news, insider John Jo Murphy sold 5,916 shares of the 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 sale, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. This trade represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,343 shares of company stock valued at $1,470,355 over the last 90 days. 0.32% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Roth Mkm set a $235.00 price objective on shares of Progressive in a research note on Thursday, February 19th. Mizuho dropped their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Wells Fargo & Company upped their price objective on shares of Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Evercore reaffirmed a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price objective on shares of Progressive in a research note on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $238.11.
Read Our Latest Report on Progressive
Progressive 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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