Moran Wealth Management LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR – Free Report) by 36.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 107,653 shares of the insurance provider’s stock after selling 61,492 shares during the quarter. Moran Wealth Management LLC’s holdings in Progressive were worth $21,341,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Progressive in the 4th quarter valued at about $1,836,094,000. Capital International Investors lifted its position in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after purchasing an additional 6,045,732 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Progressive by 181.8% during the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. grew its stake in shares of Progressive by 19,724.0% during the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after purchasing an additional 4,048,351 shares during the last quarter. Finally, Capital Research Global Investors grew its stake in shares of Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.
Insider Buying and Selling at Progressive
In related news, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 15,230 shares of company stock valued at $3,165,817. Company insiders own 0.32% of the company’s stock.
Progressive Stock Down 0.2%
Progressive (NYSE:PGR – Get Free Report) last issued its 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. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.37 earnings per share. As a group, sell-side analysts anticipate that The Progressive Corporation will post 17.12 EPS for the current year.
Progressive Announces Dividend
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 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 yield of 0.2%. Progressive’s payout ratio is currently 2.03%.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods lifted their target price on Progressive from $208.00 to $210.00 and gave the company a “market perform” rating in a research note on Thursday, June 18th. Morgan Stanley dropped their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. Mizuho cut their price target on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Finally, Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Six equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average target price of $237.37.
Get Our Latest Research Report on Progressive
About Progressive
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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