The Progressive Corporation $PGR Stock Position Lowered by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in The Progressive Corporation by 7.8%, now holding approximately 5.26 million shares valued at $1.49 billion.
• Insider transactions reveal that CEO Susan Patricia Griffith sold 30,660 shares at $242.12 each, decreasing her ownership by 5.70%.
• The company plans to distribute a quarterly dividend of $0.10 per share on October 10th, representing an annualized yield of 0.2%.

Price T Rowe Associates Inc. MD decreased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,260,857 shares of the insurance provider's stock after selling 447,373 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.90% of Progressive worth $1,488,876,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Nuveen LLC acquired a new stake in Progressive in the 1st quarter valued at about $1,473,180,000. GQG Partners LLC lifted its stake in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. GAMMA Investing LLC boosted its holdings 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 buying an additional 3,038,303 shares in the last quarter. C WorldWide Group Holding A S boosted its holdings in Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Progressive by 18.1% in 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 buying an additional 915,643 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the sale, the chief executive officer directly owned 506,945 shares of the company's stock, valued at $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 3,191 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $795,324.84. Following the transaction, the insider owned 37,977 shares in the company, valued at $9,465,387.48. This represents a 7.75% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 109,823 shares of company stock valued at $27,658,151. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

PGR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods decreased their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Wells Fargo & Company lifted their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. UBS Group cut their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Finally, Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research note on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $284.53.

Progressive Price Performance

Shares of NYSE:PGR opened at $252.2440 on Thursday. The firm has a market cap of $147.87 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 1.48 and a beta of 0.33. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $252.16 and a 200 day simple moving average of $266.31.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period in the prior year, the firm posted $2.48 EPS. The business's revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is presently 2.25%.

Progressive Company 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.

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