C WorldWide Group Holding A S Has $170.69 Million Position in The Progressive Corporation $PGR

Key Points

• C WorldWide Group Holding A S reduced its Progressive stake by 16.7% in the fourth quarter, selling 150,517 shares and leaving it with 749,564 shares worth about $170.7 million.
• Progressive reported Q1 earnings of $4.80 per share, topping estimates, while revenue rose 6.5% year over year to $22.19 billion; analysts still see the stock as a “Hold” overall with an average target price of $238.39.
• The stock was trading near $193.85, close to its 52-week low of $191.75, and the company recently paid a quarterly dividend of $0.10 per share for a very low annual yield of 0.2%.

C WorldWide Group Holding A S lowered its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 16.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 749,564 shares of the insurance provider's stock after selling 150,517 shares during the quarter. Progressive comprises approximately 3.0% of C WorldWide Group Holding A S's investment portfolio, making the stock its 14th biggest position. C WorldWide Group Holding A S owned about 0.13% of Progressive worth $170,691,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after buying an additional 593,612 shares in the last quarter. State Street Corp grew its position in Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock worth $6,373,474,000 after buying an additional 78,374 shares in the last quarter. Capital International Investors grew its position in 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 buying an additional 6,045,732 shares in the last quarter. Capital Research Global Investors lifted its stake in Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Progressive by 4.9% during the third quarter. Legal & General Group Plc now owns 4,196,111 shares of the insurance provider's stock worth $1,036,230,000 after purchasing an additional 197,603 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PGR shares. Piper Sandler restated an "overweight" rating and set a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Morgan Stanley cut their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research note on Tuesday, March 31st. BMO Capital Markets upped their target price on Progressive from $208.00 to $221.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Finally, Bank of America upped their target price on Progressive from $295.00 to $298.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $238.39.

Progressive Stock Down 0.1%

Shares of PGR opened at $193.85 on Monday. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The stock has a market capitalization of $113.27 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 5.61 and a beta of 0.31. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The stock has a fifty day moving average of $202.73 and a 200-day moving average of $211.43.

Progressive (NYSE:PGR - Get Free Report) last announced 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 company had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. During the same period in the prior year, the company earned $4.37 EPS. Progressive's revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Progressive Corporation will post 16.39 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive's dividend payout ratio is presently 2.03%.

Insider Transactions at Progressive

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares of the company's stock, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,933 shares of company stock valued at $1,441,564 over the last quarter. 0.32% of the stock is currently owned by insiders.

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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