Resona Asset Management Co. Ltd. Sells 6,046 Shares of The Progressive Corporation $PGR

Key Points

• Resona Asset Management cut its stake in Progressive by 2.8% in the fourth quarter, selling 6,046 shares and leaving it with 210,924 shares valued at about $48.1 million.
• Progressive reported strong quarterly earnings of $4.80 per share, topping analyst estimates, while revenue rose 6.5% year over year to $22.19 billion.
• The insurer also announced a quarterly dividend of $0.10 per share, payable July 10, and analysts currently have a consensus Hold rating with a $238.39 price target.

Resona Asset Management Co. Ltd. reduced its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 210,924 shares of the insurance provider's stock after selling 6,046 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Progressive were worth $48,059,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Klingman & Associates LLC raised its holdings in Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock valued at $667,000 after acquiring an additional 48 shares during the period. Wealthstream Advisors Inc. raised its holdings in Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider's stock valued at $274,000 after acquiring an additional 49 shares during the period. Revisor Wealth Management LLC raised its holdings in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock valued at $395,000 after acquiring an additional 50 shares during the period. Cullen Investment Group LTD. raised its holdings in Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider's stock valued at $1,606,000 after acquiring an additional 52 shares during the period. Finally, Pines Wealth Management LLC raised its holdings in Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock valued at $319,000 after acquiring an additional 52 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

NYSE PGR opened at $203.91 on Tuesday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $119.15 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 5.77 and a beta of 0.31. The firm's 50 day simple moving average is $200.89 and its 200 day simple moving average is $210.40. The Progressive Corporation has a 1 year low of $191.75 and a 1 year high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $4.37 EPS. As a group, research analysts expect that The Progressive Corporation will post 16.4 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.03%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PGR shares. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. The Goldman Sachs Group restated a "buy" rating and set a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. BMO Capital Markets raised their target price on shares of Progressive from $208.00 to $221.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Piper Sandler reaffirmed an "overweight" rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Finally, Wells Fargo & Company raised their target price on shares of Progressive from $215.00 to $218.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Six 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, Progressive currently has a consensus rating of "Hold" and a consensus price target of $238.39.

Insider Activity

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

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.

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.