Blair William & Co. IL lowered its stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 2.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,407,032 shares of the insurance provider’s stock after selling 32,124 shares during the period. Progressive makes up 0.9% of Blair William & Co. IL’s investment portfolio, making the stock its 20th biggest holding. Blair William & Co. IL’s holdings in Progressive were worth $320,409,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Bard Associates Inc. bought a new stake in Progressive in the 4th quarter valued at about $27,000. Dagco Inc. acquired a new position in Progressive during the 4th quarter worth approximately $28,000. IFC & Insurance Marketing Inc. bought a new position in Progressive in the fourth quarter worth approximately $29,000. Ameriflex Group Inc. grew its stake 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. Finally, Entrust Financial LLC acquired a new stake in Progressive in the fourth quarter valued at approximately $33,000. Institutional investors own 85.34% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on PGR shares. Wells Fargo & Company upped their target price on Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. UBS Group boosted their price target on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. BMO Capital Markets restated a “market perform” rating and set a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Finally, Mizuho dropped their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $238.11.
Progressive Stock Up 0.6%
Shares of NYSE:PGR opened at $204.70 on Wednesday. The stock has a market cap of $119.61 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 5.90 and a beta of 0.28. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $267.92. The business’s 50 day moving average is $199.56 and its 200 day moving average is $207.60.
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period in the prior year, the firm posted $4.37 EPS. Progressive’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, sell-side analysts forecast that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.
Progressive Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued 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 is currently 2.03%.
Insider Activity
In other Progressive news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,343 shares of company stock worth $1,470,355 over the last quarter. Insiders own 0.32% of the company’s stock.
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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