The Progressive Corporation $PGR Shares Sold by Todd Asset Management LLC

Key Points

• Todd Asset Management cut its Progressive stake by 41.9% in the fourth quarter, though it still held 88,925 shares worth about $20.25 million.
• Progressive reported Q1 earnings of $4.80 per share, beating analyst estimates, while revenue came in at $22.19 billion, slightly below expectations but still up 6.5% year over year.
• The company declared a quarterly dividend of $0.10 per share, and analysts currently have an overall Hold rating on the stock with a consensus price target of $238.11.

Todd Asset Management LLC lowered its position in The Progressive Corporation (NYSE:PGR - Free Report) by 41.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,925 shares of the insurance provider's stock after selling 64,002 shares during the quarter. Todd Asset Management LLC's holdings in Progressive were worth $20,250,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dagco Inc. acquired a new position in shares of Progressive during the fourth quarter worth about $28,000. Ameriflex Group Inc. raised its stake in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after buying an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new stake in Progressive during the fourth quarter valued at approximately $33,000. Kingdom Financial Group LLC. acquired a new stake in Progressive during the fourth quarter valued at approximately $34,000. Finally, Bangor Savings Bank grew its holdings in shares of Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Down 0.1%

NYSE PGR opened at $199.28 on Monday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $116.45 billion, a PE ratio of 10.13, a price-to-earnings-growth ratio of 7.30 and a beta of 0.31. The Progressive Corporation has a 1-year low of $191.75 and a 1-year high of $289.96. The firm's fifty day simple moving average is $200.46 and its 200-day simple moving average is $210.26.

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

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a $0.10 dividend. 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 (DPR) is currently 2.03%.

Insider Activity

In other news, CAO Carl G. Joyce sold 270 shares of the firm's stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares of the company's stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 4,667 shares of company stock valued at $981,453. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PGR. Morgan Stanley lowered their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a report on Tuesday, March 31st. Piper Sandler reaffirmed an "overweight" rating and set a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Weiss Ratings lowered Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Argus upgraded Progressive to a "hold" rating in a research report on Thursday, March 5th. Finally, Citigroup cut their price objective on Progressive from $300.60 to $261.00 and set a "buy" rating for the company in a research report on Tuesday, February 3rd. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $238.11.

About Progressive

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

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.