Rockefeller Capital Management L.P. Has $40.42 Million Stake in The Progressive Corporation $PGR

Key Points

• Rockefeller Capital Management trimmed its Progressive stake by 2.7% in the fourth quarter, but still held 177,521 shares worth about $40.4 million at quarter-end.
• Progressive reported mixed but generally solid quarterly results, posting EPS of $4.80, above estimates, while revenue came in below expectations; the company also posted 6.5% year-over-year revenue growth.
• Analysts remain cautious overall: the stock carries a consensus rating of “Hold,” with 6 Buy, 14 Hold, and 2 Sell ratings, and an average price target of $237.58.

Rockefeller Capital Management L.P. lowered its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 177,521 shares of the insurance provider's stock after selling 4,987 shares during the period. Rockefeller Capital Management L.P.'s holdings in Progressive were worth $40,425,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Bard Associates Inc. bought a new stake in shares of Progressive in the fourth quarter valued at approximately $27,000. Dagco Inc. acquired a new stake in Progressive during the fourth quarter worth approximately $28,000. IFC & Insurance Marketing Inc. bought a new position in Progressive during the 4th quarter worth $29,000. Ameriflex Group Inc. increased its stake in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after acquiring an additional 65 shares during the period. Finally, Entrust Financial LLC acquired a new position in Progressive in the 4th quarter valued at $33,000. 85.34% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares of the company's stock, valued at $8,258,000. This represents a 12.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares in the company, valued at $5,733,600. This represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PGR. Morgan Stanley reduced their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a report on Tuesday, March 31st. Keefe, Bruyette & Woods boosted their price target on Progressive from $208.00 to $210.00 and gave the company a "market perform" rating in a research note on Thursday. Wells Fargo & Company cut their price objective on shares of Progressive from $222.00 to $219.00 and set an "equal weight" rating for the company in a research report on Thursday. Barclays set a $247.00 price objective on shares of Progressive in a research note on Wednesday, March 18th. Finally, Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a report on Friday, May 22nd. Six investment 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's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $237.58.

Progressive Trading Down 0.2%

Shares of PGR opened at $204.42 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $267.92. The firm has a market cap of $119.45 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 6.31 and a beta of 0.28. The business's fifty day moving average is $200.01 and its 200-day moving average is $207.09.

Progressive (NYSE:PGR - Get Free Report) last announced 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. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive's revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the company earned $4.37 EPS. Equities analysts anticipate that The Progressive Corporation will post 16.82 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is 2.03%.

Key Headlines Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive's May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

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.

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