Mitsubishi UFJ Trust & Banking Corp Has $91.57 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Mitsubishi UFJ Trust & Banking Corp trimmed its stake in The Progressive Corporation by 4.9%, ending the quarter with 427,444 shares valued at $91.57 million (about 0.07% of the company).
• Progressive reported quarterly EPS of $4.80, beating the $4.67 estimate, while revenue of $22.19 billion missed expectations of $23.51 billion; revenue was up 6.5% year‑over‑year.
• Analysts hold a consensus rating of "Hold" with an average target of $238.39 (6 Buy, 14 Hold, 2 Sell), and institutional investors own roughly 85.34% of the stock.

Mitsubishi UFJ Trust & Banking Corp reduced its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 427,444 shares of the insurance provider's stock after selling 22,006 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.07% of Progressive worth $91,567,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Illinois Municipal Retirement Fund increased its holdings in shares of Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider's stock worth $25,381,000 after purchasing an additional 23,833 shares during the period. Allstate Corp raised its position in shares of Progressive by 1,614.1% during the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider's stock valued at $5,334,000 after buying an additional 20,338 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in shares of Progressive by 91.7% in the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider's stock valued at $2,892,000 after buying an additional 5,600 shares during the period. Mather Group LLC. grew its position in Progressive by 40.6% during the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider's stock worth $4,159,000 after buying an additional 4,865 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its position in Progressive by 471.3% during the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider's stock worth $5,556,000 after buying an additional 18,558 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

NYSE:PGR opened at $202.08 on Tuesday. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The firm has a market cap of $118.21 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 6.63 and a beta of 0.34. The Progressive Corporation has a 12 month low of $192.02 and a 12 month high of $289.96. The company's 50-day moving average price is $203.33 and its two-hundred day moving average price is $212.80.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business posted $4.37 earnings per share. The company's revenue was up 6.5% on a year-over-year basis. On average, equities analysts anticipate that The Progressive Corporation will post 16.38 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Upgrades and Downgrades

PGR has been the subject of several recent research reports. Zacks Research raised Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Wells Fargo & Company lifted their price objective on Progressive from $215.00 to $218.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Piper Sandler restated an "overweight" rating and set a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. Jefferies Financial Group cut their target price on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a research note on Tuesday, March 24th. Finally, BMO Capital Markets raised their target price on Progressive from $208.00 to $221.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Hold" and an average target price of $238.39.

Insiders Place Their Bets

In other Progressive news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of the business's stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 6,933 shares of company stock valued at $1,441,564. Company insiders own 0.32% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.