The Progressive Corporation $PGR Shares Sold by Keybank National Association OH

Key Points

• Keybank National Association OH reduced its stake in Progressive by 13.6%, selling 14,594 shares and leaving 92,375 shares valued at about $21.04 million, while institutional investors own roughly 85.34% of the stock.
• Progressive beat quarterly EPS estimates with $4.80 per share (vs. $4.67 est.) but missed revenue at $22.19 billion; the quarter showed a 12.92% net margin and 33.47% ROE, and analysts forecast ~16.38 EPS for the fiscal year.
• Analysts' consensus is a "Hold" with an average price target of $238.39, while the stock trades near $200.65 (down 1.2%), with a market cap of about $117.4 billion and a P/E of ~10.2.

Keybank National Association OH lowered its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 13.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,375 shares of the insurance provider's stock after selling 14,594 shares during the quarter. Keybank National Association OH's holdings in Progressive were worth $21,036,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Liberty One Investment Management LLC increased its holdings in shares of Progressive by 3.8% during the 3rd quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider's stock worth $319,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of Progressive by 20.8% during the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider's stock worth $69,000 after buying an additional 48 shares during the last quarter. Klingman & Associates LLC increased its holdings in shares of Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after buying an additional 48 shares during the last quarter. Wealthstream Advisors Inc. increased its holdings in shares of Progressive by 4.6% during the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider's stock worth $274,000 after buying an additional 49 shares during the last quarter. Finally, Revisor Wealth Management LLC increased its holdings in shares of Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock worth $395,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Argus upgraded Progressive to a "hold" rating in a report on Thursday, March 5th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. HSBC cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Finally, UBS Group upped their price target on shares of Progressive from $218.00 to $220.00 and gave the stock a "neutral" rating in a research report on Monday, March 23rd. Six 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 has a consensus rating of "Hold" and an average price target of $238.39.

Progressive Stock Down 1.2%

Shares of Progressive stock opened at $200.65 on Thursday. The company has a fifty day moving average price of $203.18 and a 200 day moving average price of $212.45. 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 Progressive Corporation has a twelve month low of $192.02 and a twelve month high of $289.96. The stock has a market cap of $117.38 billion, a price-to-earnings ratio of 10.20, a price-to-earnings-growth ratio of 6.66 and a beta of 0.34.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm'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 posted $4.37 EPS. Equities research analysts forecast that The Progressive Corporation will post 16.38 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Activity

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the company's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares of the company's stock, valued at $5,330,062.50. This represents a 7.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were 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 quarter, insiders sold 6,933 shares of company stock valued at $1,441,564. Corporate insiders own 0.32% of the company's stock.

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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