Basswood Capital Management L.L.C. boosted its holdings in The Progressive Corporation (NYSE:PGR – Free Report) by 63.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,427 shares of the insurance provider’s stock after buying an additional 14,501 shares during the quarter. Basswood Capital Management L.L.C.’s holdings in Progressive were worth $8,523,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Allstate Corp raised its holdings in Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after purchasing an additional 22,915 shares during the last quarter. Norges Bank bought a new position in Progressive during the 4th quarter worth approximately $1,836,094,000. Mariner LLC raised its holdings in Progressive by 7.9% during the 3rd quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after purchasing an additional 47,248 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Progressive by 5.7% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock worth $411,506,000 after purchasing an additional 97,275 shares during the last quarter. Finally, Investment House LLC bought a new position in Progressive during the 4th quarter worth approximately $8,447,000. Institutional investors own 85.34% of the company’s stock.
Insider Activity at Progressive
In related news, CAO Carl G. Joyce sold 270 shares of Progressive 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 completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction 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 approximately $5,733,600. The trade was a 3.88% 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. In the last 90 days, insiders sold 7,343 shares of company stock valued at $1,470,355. 0.32% of the stock is owned by company insiders.
Progressive Stock Performance
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter last year, the firm posted $4.37 EPS. The company’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts forecast that The Progressive Corporation will post 16.35 earnings per share for the current year.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors 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 presently 2.03%.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on PGR shares. Piper Sandler restated an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Morgan Stanley reduced their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Finally, Argus raised shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $238.11.
Read Our Latest Analysis 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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