Baader Bank Aktiengesellschaft lowered its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 46.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 9,687 shares of the insurance provider’s stock after selling 8,361 shares during the period. Baader Bank Aktiengesellschaft’s holdings in Progressive were worth $2,199,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Illinois Municipal Retirement Fund lifted its position in shares of Progressive by 30.2% in the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after acquiring an additional 23,833 shares in the last quarter. Allstate Corp lifted its position in shares of Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock valued at $5,334,000 after acquiring an additional 20,338 shares in the last quarter. Arkadios Wealth Advisors lifted its position in shares of Progressive by 471.3% in the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock valued at $5,556,000 after acquiring an additional 18,558 shares in the last quarter. Prospera Financial Services Inc lifted its position in shares of Progressive by 36.9% in the third quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider’s stock valued at $4,752,000 after acquiring an additional 5,184 shares in the last quarter. Finally, Rakuten Investment Management Inc. purchased a new position in shares of Progressive in the third quarter valued at approximately $64,063,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Insiders Place Their Bets
In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider directly 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. The SEC filing for this sale provides additional information. Insiders sold 6,933 shares of company stock worth $1,441,564 in the last three months. 0.32% of the stock is owned by insiders.
Progressive Price Performance
Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter last year, the firm earned $4.37 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts expect that The Progressive Corporation will post 16.4 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 paid a dividend of $0.10 per share. 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%.
Key Progressive News
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: Progressive continued its shareholder-return program by declaring a quarterly dividend of $0.10 per share, reinforcing management’s commitment to returning capital to investors. Progressive stock overview
- Positive Sentiment: Recent coverage highlighted Progressive’s CFO transition alongside an ongoing buyback plan, which suggests management is still focused on disciplined capital allocation and supporting shareholder value. Does Progressive’s (PGR) CFO Transition and Buyback Plan Reveal a Deeper Capital Allocation Strategy?
- Neutral Sentiment: The dividend announcement is small in absolute terms and appears to be a standard, expected update, so it is unlikely to materially change near-term fundamentals on its own.
- Negative Sentiment: With no new earnings beat or guidance raise in the latest headlines, the stock may be under pressure from broader profit-taking and investor focus on valuation after a strong prior run.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on PGR. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Roth Mkm set a $235.00 target price on Progressive in a research report on Thursday, February 19th. UBS Group raised their target price on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research report on Monday, March 23rd. BMO Capital Markets raised their target price on Progressive from $208.00 to $221.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Finally, Barclays set a $247.00 target price on Progressive in a research report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $238.39.
View Our Latest Research Report on PGR
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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