Corebridge Financial Inc. Sells 6,809 Shares of The Progressive Corporation $PGR

Key Points

• Corebridge Financial Inc. reduced its holdings in The Progressive Corporation by 4.2% in Q1, now owning 156,011 shares valued at approximately $44 million.
• Several other institutional investors, including Integrated Advisors Network LLC and Pines Wealth Management LLC, have also adjusted their positions in Progressive, highlighting an overall institutional ownership of 85.34%.
• Progressive recently declared a $0.10 quarterly dividend with a yield of 0.2%, set to be paid on October 10th to stockholders recorded by October 2nd.

Corebridge Financial Inc. trimmed its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 156,011 shares of the insurance provider's stock after selling 6,809 shares during the period. Corebridge Financial Inc.'s holdings in Progressive were worth $44,153,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in Progressive in the first quarter valued at $5,772,000. Synovus Financial Corp lifted its stake in shares of Progressive by 153.7% in the first quarter. Synovus Financial Corp now owns 5,224 shares of the insurance provider's stock worth $1,478,000 after acquiring an additional 3,165 shares during the period. Oak Harvest Investment Services lifted its stake in shares of Progressive by 11.2% in the first quarter. Oak Harvest Investment Services now owns 29,246 shares of the insurance provider's stock worth $8,277,000 after acquiring an additional 2,947 shares during the period. Campbell & CO Investment Adviser LLC lifted its stake in shares of Progressive by 84.5% in the first quarter. Campbell & CO Investment Adviser LLC now owns 15,689 shares of the insurance provider's stock worth $4,440,000 after acquiring an additional 7,185 shares during the period. Finally, Axiom Investors LLC DE acquired a new position in shares of Progressive in the first quarter worth approximately $194,557,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total transaction of $1,557,750.72. Following the completion of the sale, the insider directly owned 21,612 shares of the company's stock, valued at approximately $5,402,135.52. This trade represents a 22.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company's stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,351 shares of company stock valued at $27,003,746 in the last ninety days. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on PGR shares. Wells Fargo & Company cut their price objective on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research note on Thursday, August 21st. Keefe, Bruyette & Woods cut their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Jefferies Financial Group lowered their target price on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a report on Monday, August 11th. Bank of America lowered their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Finally, Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $284.18.

Progressive Stock Up 0.6%

Shares of PGR stock traded up $1.59 during trading hours on Thursday, reaching $246.28. The company had a trading volume of 2,316,522 shares, compared to its average volume of 2,907,152. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The business has a fifty day simple moving average of $250.25 and a 200-day simple moving average of $266.20. The company has a market cap of $144.37 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 1.42 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter last year, the company earned $2.48 earnings per share. The company's revenue for the quarter was up 12.1% on a year-over-year basis. On average, research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

About Progressive

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.