AEGON ASSET MANAGEMENT UK Plc Has $45.99 Million Stock Holdings in The Progressive Corporation $PGR

Key Points

• AEGON Asset Management UK cut its stake in The Progressive Corporation by 6.8% in Q4 and now holds 201,916 shares valued at about $45.99 million.
• Progressive reported $4.80 EPS for the quarter (beating estimates) but missed revenue expectations at $22.19 billion; the company has a market cap of about $117.35 billion and a P/E of 10.2.
• Insiders have sold 6,933 shares (≈$1.44M) over the past 90 days, and analysts’ consensus rating is Hold with a target price of $238.39.

AEGON ASSET MANAGEMENT UK Plc cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 6.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 201,916 shares of the insurance provider's stock after selling 14,714 shares during the period. AEGON ASSET MANAGEMENT UK Plc's holdings in Progressive were worth $45,992,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Davis Capital Management acquired a new stake in shares of Progressive during the 3rd quarter worth about $25,000. Dagco Inc. bought a new position in shares of Progressive in the 4th quarter valued at about $28,000. Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Bangor Savings Bank boosted its stake in Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after acquiring an additional 58 shares during the last quarter. Finally, Riverview Trust Co boosted its stake in Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock worth $37,000 after acquiring an additional 53 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

Shares of PGR stock opened at $200.62 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.35 and a current ratio of 0.33. The company has a market capitalization of $117.35 billion, a P/E ratio of 10.20, a price-to-earnings-growth ratio of 6.77 and a beta of 0.34. The company's 50 day moving average price is $203.38 and its two-hundred day moving average price is $213.29. The Progressive Corporation has a 52 week low of $192.02 and a 52 week high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for 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 period last year, the company posted $4.37 EPS. On average, analysts expect that The Progressive Corporation will post 16.39 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive's dividend payout ratio (DPR) is 2.03%.

Insider Activity at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider owned 32,348 shares in the company, valued at $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 6,933 shares of company stock valued at $1,441,564. Corporate insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $227.00 to $210.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 7th. BMO Capital Markets lifted their price objective on shares of Progressive from $208.00 to $221.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Piper Sandler reissued an "overweight" rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Zacks Research raised shares of Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Finally, Morgan Stanley reduced their price objective on shares of Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a research note on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Progressive presently has an average rating of "Hold" and a consensus target price of $238.39.

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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