Pictet Asset Management Holding SA Sells 13,241 Shares of The Progressive Corporation $PGR

Key Points

• Pictet Asset Management Holding SA sold 13,241 shares of The Progressive Corporation in Q4, trimming its stake by 3.8% to 336,872 shares worth about $76.7 million.
• In its most recent quarter Progressive reported $4.80 EPS, beating estimates by $0.13 while revenue of $22.19 billion missed expectations; the company posted a 33.47% return on equity and a 12.92% net margin.
• Progressive shares trade near $202.89 (52‑week range $192.02–$289.96) with a $118.7B market cap, a consensus analyst rating of "Hold" and $238.39 target, and insiders have sold about 6,933 shares (~$1.44M) in the past three months.

Pictet Asset Management Holding SA decreased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 336,872 shares of the insurance provider's stock after selling 13,241 shares during the period. Pictet Asset Management Holding SA owned approximately 0.06% of Progressive worth $76,715,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PGR. Davis Capital Management bought a new stake in Progressive during the third quarter valued at $25,000. Dagco Inc. bought a new stake in Progressive during the fourth quarter worth about $28,000. Ameriflex Group Inc. lifted its stake in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after purchasing an additional 65 shares during the last quarter. Bangor Savings Bank lifted its stake in Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after purchasing an additional 58 shares during the last quarter. Finally, Riverview Trust Co lifted its stake in Progressive by 48.6% during the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock worth $37,000 after purchasing an additional 53 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Trading Up 0.5%

Shares of PGR stock opened at $202.89 on Wednesday. The Progressive Corporation has a 52-week low of $192.02 and a 52-week high of $289.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.35 and a current ratio of 0.33. The firm has a market capitalization of $118.68 billion, a PE ratio of 10.31, a PEG ratio of 6.66 and a beta of 0.34. The stock has a fifty day simple moving average of $203.24 and a two-hundred day simple moving average of $212.53.

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

Progressive Announces Dividend

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

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction dated Friday, March 20th. The shares were 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 owned 558 shares of the company's stock, valued at approximately $115,227. This trade represents a 32.61% 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 Maribel Pumarejo sold 739 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 6,933 shares of company stock worth $1,441,564. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PGR has been the subject of several research analyst reports. Jefferies Financial Group dropped their price target on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a research note on Tuesday, March 24th. Roth Mkm set a $235.00 price objective on Progressive in a report on Thursday, February 19th. Mizuho decreased their price objective on Progressive from $235.00 to $223.00 and set a "neutral" rating on the stock in a report on Friday, March 20th. BMO Capital Markets lifted their price objective on Progressive from $208.00 to $221.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Finally, Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $238.39.

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.

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