Bailard Inc. cut its stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 74.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,597 shares of the insurance provider’s stock after selling 7,568 shares during the quarter. Bailard Inc.’s holdings in Progressive were worth $591,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of PGR. Dagco Inc. acquired a new stake in Progressive in the fourth quarter valued at $28,000. Ameriflex Group Inc. lifted its holdings in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the period. Bangor Savings Bank lifted its holdings in Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 58 shares during the period. Riverview Trust Co lifted its holdings in Progressive by 48.6% in the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 53 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Progressive by 833.3% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.
Progressive Trading Up 0.5%
Progressive stock opened at $196.93 on Friday. The stock has a market cap of $115.07 billion, a PE ratio of 10.01, a P/E/G ratio of 5.66 and a beta of 0.31. The stock has a 50-day moving average price of $201.25 and a 200 day moving average price of $210.57. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26.
Progressive Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued 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 2.03%.
Insiders Place Their Bets
In other news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction 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 completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,933 shares of company stock worth $1,441,564 over the last ninety days. Company insiders own 0.32% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have commented on PGR shares. Piper Sandler reissued an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. 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 report on Thursday, April 16th. Roth Mkm set a $235.00 target price on Progressive in a report on Thursday, February 19th. Barclays set a $247.00 target price on Progressive in a report on Wednesday, March 18th. Finally, UBS Group raised their target price on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Progressive has an average rating of “Hold” and an average price target of $238.39.
Read Our Latest Research Report on Progressive
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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