SageGuard Financial Group LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 4.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,366 shares of the insurance provider’s stock after selling 2,311 shares during the period. Progressive accounts for about 1.7% of SageGuard Financial Group LLC’s investment portfolio, making the stock its 19th largest position. SageGuard Financial Group LLC’s holdings in Progressive were worth $10,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the stock. Klingman & Associates LLC raised its stake in Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares during the period. Revisor Wealth Management LLC grew its stake in shares of Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares during the period. Cullen Investment Group LTD. increased its holdings in shares of Progressive by 0.7% during the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after buying an additional 52 shares during the last quarter. Pines Wealth Management LLC increased its holdings in shares of 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 buying an additional 52 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC raised its position in shares of Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after buying an additional 52 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, insider Steven Broz sold 1,157 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the firm’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 sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock worth $3,165,817 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.
Progressive Stock Down 0.1%
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period last year, the business earned $4.37 EPS. The business’s revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts predict that The Progressive Corporation will post 17.08 EPS for the current fiscal year.
Progressive Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. 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 currently 2.03%.
Analysts Set New Price Targets
A number of research firms have issued reports on PGR. Piper Sandler reissued an “overweight” rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. BMO Capital Markets restated a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Bank of America reduced their price objective on Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research note on Thursday, June 18th. Barclays set a $247.00 target price on Progressive in a report on Wednesday, March 18th. Finally, Wells Fargo & Company dropped their target price on shares of Progressive from $222.00 to $219.00 and set an “equal weight” rating for the company in a research report on Thursday, June 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus price target of $237.58.
Check Out Our Latest Research 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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