The Progressive Corporation (NYSE:PGR) Stock Holdings Lowered by Jennison Associates LLC

Jennison Associates LLC cut its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 21.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,239,191 shares of the insurance provider's stock after selling 885,996 shares during the quarter. Jennison Associates LLC owned approximately 0.55% of Progressive worth $916,724,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PGR. Norges Bank acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $1,843,045,000. GAMMA Investing LLC boosted its position in Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after acquiring an additional 3,038,303 shares during the last quarter. GQG Partners LLC boosted its position in Progressive by 67.6% during the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock worth $1,239,143,000 after acquiring an additional 2,085,833 shares during the last quarter. Capital Research Global Investors boosted its position in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Progressive by 18.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after acquiring an additional 915,643 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of a number of analyst reports. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday. Bank of America cut their price target on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a research note on Thursday. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $287.63.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider directly owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the transaction, the director directly owned 12,217 shares of the company's stock, valued at $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,705 shares of company stock worth $11,450,948. 0.34% of the stock is currently owned by insiders.

Progressive Stock Down 0.3%

Shares of NYSE:PGR traded down $0.79 during midday trading on Friday, hitting $246.48. 2,966,465 shares of the company's stock traded hands, compared to its average volume of 2,838,708. The Progressive Corporation has a twelve month low of $208.13 and a twelve month high of $292.99. The company has a market cap of $144.49 billion, a PE ratio of 13.89, a P/E/G ratio of 1.51 and a beta of 0.37. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The firm's fifty day moving average price is $267.67 and its two-hundred day moving average price is $265.73.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the previous year, the firm posted $2.48 EPS. The firm's quarterly revenue was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a $0.10 dividend. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's payout ratio is currently 2.25%.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.