Castleark Management LLC Sells 4,190 Shares of The Progressive Co. (NYSE:PGR)

Castleark Management LLC decreased its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 13.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,870 shares of the insurance provider's stock after selling 4,190 shares during the period. Castleark Management LLC's holdings in Progressive were worth $6,678,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Progressive during the 4th quarter worth approximately $1,843,045,000. GQG Partners LLC lifted its position in shares of Progressive by 67.6% during the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock valued at $1,239,143,000 after acquiring an additional 2,085,833 shares during the period. Raymond James Financial Inc. bought a new position in Progressive during the fourth quarter worth $408,416,000. Capital Research Global Investors grew its holdings in Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after purchasing an additional 915,643 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. This trade represents a 35.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the transaction, the chief financial officer now owns 248,024 shares in the company, valued at approximately $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,894 shares of company stock valued at $11,020,097. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PGR. Jefferies Financial Group cut their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Wells Fargo & Company increased their price target on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Barclays upped their target price on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Finally, BMO Capital Markets increased their target price on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Progressive has an average rating of "Moderate Buy" and an average target price of $288.24.

Progressive Stock Performance

NYSE PGR opened at $285.37 on Wednesday. The company has a fifty day moving average price of $275.68 and a 200-day moving average price of $262.29. The firm has a market cap of $167.29 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities research analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio is presently 2.70%.

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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