The Progressive Corporation $PGR is Van Cleef Asset Management Inc's Largest Position

Key Points

• Van Cleef Asset Management increased its stake in Progressive by 1.2% in the fourth quarter, bringing its holdings to 761,587 shares worth about $173.4 million. Progressive is now the firm’s largest position, representing 17.6% of its portfolio.
• Progressive reported quarterly EPS of $4.80, topping analysts’ expectations of $4.67, while revenue rose 6.5% year over year to $22.19 billion. The company also posted a strong return on equity of 33.47%.
• The insurer declared a quarterly dividend of $0.10 per share, payable July 10, and analysts currently rate the stock a consensus Hold with an average target price of $238.11.

Van Cleef Asset Management Inc increased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 761,587 shares of the insurance provider's stock after acquiring an additional 9,017 shares during the quarter. Progressive comprises approximately 17.6% of Van Cleef Asset Management Inc's holdings, making the stock its biggest position. Van Cleef Asset Management Inc owned about 0.13% of Progressive worth $173,429,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PGR. Dagco Inc. purchased a new stake in Progressive during the 4th quarter valued at approximately $28,000. Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Entrust Financial LLC bought a new stake in Progressive in the fourth quarter worth $33,000. Kingdom Financial Group LLC. bought a new stake in Progressive in the fourth quarter worth $34,000. Finally, Bangor Savings Bank lifted its position in Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after buying an additional 58 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Down 0.1%

Shares of NYSE:PGR opened at $199.28 on Monday. The Progressive Corporation has a 12-month low of $191.75 and a 12-month high of $289.96. The company has a market capitalization of $116.45 billion, a PE ratio of 10.13, a PEG ratio of 7.30 and a beta of 0.31. The business has a 50 day moving average of $200.46 and a two-hundred day moving average of $210.26. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the previous year, the company posted $4.37 earnings per share. Progressive's revenue for the quarter was up 6.5% on a year-over-year basis. As a group, analysts forecast that The Progressive Corporation will post 16.36 EPS for the current year.

Progressive Announces Dividend

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

Analyst Ratings Changes

PGR has been the subject of several research analyst reports. Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Roth Mkm set a $235.00 target price on Progressive in a research note on Thursday, February 19th. Argus upgraded Progressive to a "hold" rating in a research note on Thursday, March 5th. Finally, Weiss Ratings lowered Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $238.11.

Insider Transactions at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of the company's stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares of the company's stock, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,667 shares of company stock valued at $981,453 in the last three months. 0.32% of the stock is currently owned by company insiders.

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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