PB Investment Partners L.P. lessened its position in The Progressive Corporation (NYSE:PGR – Free Report) by 70.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,778 shares of the insurance provider’s stock after selling 16,421 shares during the quarter. Progressive makes up about 1.0% of PB Investment Partners L.P.’s holdings, making the stock its 9th biggest holding. PB Investment Partners L.P.’s holdings in Progressive were worth $1,543,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Bard Associates Inc. purchased a new stake in shares of Progressive in the fourth quarter worth approximately $27,000. Dagco Inc. purchased a new stake in shares of Progressive in the fourth quarter worth approximately $28,000. Ameriflex Group Inc. lifted its position in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive in the fourth quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Progressive in the fourth quarter worth approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Analysts Set New Price Targets
PGR has been the subject of a number of research analyst reports. Roth Mkm set a $235.00 price target on shares of Progressive in a research report on Thursday, February 19th. 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 research report on Wednesday, May 20th. BMO Capital Markets reissued a “market perform” rating and issued a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Progressive has a consensus rating of “Hold” and an average target price of $238.11.
Progressive Trading Down 0.1%
Shares of Progressive stock opened at $202.86 on Monday. The company’s fifty day simple moving average is $199.20 and its 200-day simple moving average is $207.93. The company has a market cap of $118.54 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 5.89 and a beta of 0.28. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $269.84.
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $4.37 earnings per share. As a group, sell-side analysts expect that The Progressive Corporation will post 16.35 EPS for the current year.
Progressive Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.03%.
Insider Transactions at Progressive
In other news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% 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. Over the last quarter, insiders have sold 7,343 shares of company stock worth $1,470,355. Insiders own 0.32% of the company’s stock.
About Progressive
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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