The Progressive Corporation $PGR Shares Sold by Comerica Bank

Key Points

• Comerica Bank trimmed its stake in The Progressive Corporation by 8.7% in the 4th quarter, selling 11,616 shares and leaving it with 122,664 shares valued at about $27.93 million.
• Company insiders have been net sellers recently — insiders sold 6,933 shares (≈$1.44 million) over the last three months, including Karen Bailo (3,517 shares at $212) and CIO Jonathan S. Bauer (2,266 shares at $203.05).
• Progressive beat EPS estimates with $4.80 per share but missed revenue expectations ($22.19B vs. $23.51B), and analysts maintain a consensus rating of "Hold" with an average target price of $238.39.

Comerica Bank cut its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 122,664 shares of the insurance provider's stock after selling 11,616 shares during the quarter. Comerica Bank's holdings in Progressive were worth $27,933,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of PGR. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter worth $25,000. Dagco Inc. bought a new stake in shares of Progressive during the 4th quarter worth $28,000. Ameriflex Group Inc. boosted its stake in shares of 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 in the last quarter. Bangor Savings Bank boosted its stake in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after acquiring an additional 58 shares in the last quarter. Finally, Riverview Trust Co boosted its stake in shares of Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock worth $37,000 after acquiring an additional 53 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PGR shares. Mizuho reduced their price objective on Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a research note on Friday, March 20th. Wells Fargo & Company raised their price objective on Progressive from $215.00 to $218.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 16th. Piper Sandler reissued an "overweight" rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. The Goldman Sachs Group reissued a "buy" rating and set a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Finally, BMO Capital Markets raised their price objective on Progressive from $208.00 to $221.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $238.39.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction 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 transaction, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the transaction, the executive owned 26,250 shares in the company, valued at $5,330,062.50. This represents a 7.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 6,933 shares of company stock worth $1,441,564. 0.32% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of PGR stock opened at $202.08 on Tuesday. The Progressive Corporation has a 1-year low of $192.02 and a 1-year high of $289.96. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $118.21 billion, a price-to-earnings ratio of 10.27, a P/E/G ratio of 6.63 and a beta of 0.34. The stock's fifty day simple moving average is $203.33 and its 200-day simple moving average is $212.80.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share 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 business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the company posted $4.37 earnings per share. Progressive's revenue for the quarter was up 6.5% compared to the same quarter last year. On average, sell-side analysts predict that The Progressive Corporation will post 16.38 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.03%.

Progressive Company 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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