Allspring Global Investments Holdings LLC Decreases Stock Holdings in The Progressive Corporation $PGR

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in The Progressive Corporation by 19.6%, holding 701,195 shares after selling 171,461 shares in the second quarter, worth approximately $185 million.
• Recent insider transactions included John Jo Murphy selling 2,218 shares and Steven Broz selling 1,345 shares, both at an average price of $242.10.
• Progressive Corporation's stock has a consensus rating of "Hold" with a target price of $279.63, according to several analysts, following various adjustments made recently.

Allspring Global Investments Holdings LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 19.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 701,195 shares of the insurance provider's stock after selling 171,461 shares during the period. Allspring Global Investments Holdings LLC owned about 0.12% of Progressive worth $185,326,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PGR. Nuveen LLC purchased a new stake in Progressive during the first quarter worth about $1,473,180,000. GQG Partners LLC boosted its holdings in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. C WorldWide Group Holding A S boosted its holdings in Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. Finally, Axiom Investors LLC DE purchased a new stake in Progressive during the first quarter worth about $194,557,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company's stock, valued at $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares of the company's stock, valued at $7,356,934.80. The trade was a 4.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,045 shares of company stock valued at $31,997,390. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Morgan Stanley reduced their price target on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a report on Monday, September 22nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Progressive in a report on Wednesday, October 8th. Wolfe Research initiated coverage on shares of Progressive in a report on Monday, September 15th. They issued a "peer perform" rating on the stock. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Finally, Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $279.63.

Progressive Price Performance

Progressive stock opened at $240.18 on Monday. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The firm has a fifty day moving average of $245.20 and a 200-day moving average of $259.54. The firm has a market capitalization of $140.80 billion, a P/E ratio of 13.53, a PEG ratio of 1.33 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the business earned $2.48 earnings per share. The business's quarterly revenue was up 12.1% compared to the same quarter last year. As a group, analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is presently 2.25%.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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