Swiss Life Asset Management Ltd Sells 51,944 Shares of The Progressive Corporation $PGR

Key Points

• Swiss Life Asset Management cut its Progressive stake by 21.6% in Q4, selling 51,944 shares and ending with 188,655 shares valued at about $43.0 million.
• Progressive reported better-than-expected earnings of $4.80 per share for the quarter, though revenue of $22.19 billion came in below analyst estimates.
• The stock was trading near its 12-month low at $193.85, and analysts currently rate Progressive a consensus Hold with an average price target of $238.39.

Swiss Life Asset Management Ltd reduced its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 21.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 188,655 shares of the insurance provider's stock after selling 51,944 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Progressive were worth $42,961,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its holdings in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new position in Progressive in the fourth quarter valued at approximately $269,000. Bison Wealth LLC lifted its holdings in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after buying an additional 80 shares during the period. HUB Investment Partners LLC lifted its holdings in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock valued at $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC lifted its holdings in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock valued at $3,681,000 after buying an additional 1,622 shares during the period. 85.34% of the stock is owned by institutional investors.

Get Progressive SMS alerts:

Sign Up

Progressive Trading Down 0.1%

PGR opened at $193.85 on Monday. The firm's fifty day moving average is $202.73 and its two-hundred day moving average is $211.43. 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 firm has a market cap of $113.27 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 5.61 and a beta of 0.31. The Progressive Corporation has a twelve month low of $191.75 and a twelve month high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results 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 company 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 business's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $4.37 earnings per share. Equities research analysts anticipate that The Progressive Corporation will post 16.39 EPS for the current year.

Progressive Dividend Announcement

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

Insider Activity

In other Progressive news, insider Karen Bailo sold 3,517 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider directly owned 32,348 shares in the company, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Argus upgraded shares of Progressive to a "hold" rating in a report on Thursday, March 5th. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $227.00 to $210.00 and set a "market perform" rating on the stock in a report on Tuesday, April 7th. Roth Mkm set a $235.00 price objective on shares of Progressive in a report on Thursday, February 19th. Finally, Barclays set a $247.00 price objective on shares of Progressive in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $238.39.

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.