Truist Financial Corp increased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 26.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 426,337 shares of the insurance provider's stock after buying an additional 88,496 shares during the period. Truist Financial Corp owned about 0.07% of Progressive worth $120,658,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of the business. Eukles Asset Management boosted its holdings in shares of Progressive by 8.8% in the 1st quarter. Eukles Asset Management now owns 19,837 shares of the insurance provider's stock valued at $5,614,000 after buying an additional 1,610 shares during the period. Capital Investment Advisory Services LLC boosted its holdings in shares of Progressive by 1.6% in the 1st quarter. Capital Investment Advisory Services LLC now owns 3,308 shares of the insurance provider's stock valued at $936,000 after buying an additional 51 shares during the period. Impax Asset Management Group plc boosted its holdings in shares of Progressive by 100.6% in the 1st quarter. Impax Asset Management Group plc now owns 133,753 shares of the insurance provider's stock valued at $37,853,000 after buying an additional 67,073 shares during the period. Catalyst Capital Advisors LLC boosted its holdings in shares of Progressive by 45.2% in the 1st quarter. Catalyst Capital Advisors LLC now owns 527 shares of the insurance provider's stock valued at $149,000 after buying an additional 164 shares during the period. Finally, SMART Wealth LLC lifted its position in Progressive by 26.2% in the 1st quarter. SMART Wealth LLC now owns 3,091 shares of the insurance provider's stock valued at $875,000 after purchasing an additional 641 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Progressive
In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $60,150,450.96. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director directly owned 12,429 shares of the company's stock, valued at approximately $3,451,160.43. This represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,705 shares of company stock valued at $11,450,948. Corporate insiders own 0.34% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on PGR shares. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 target price on shares of Progressive in a research note on Thursday, April 17th. Wells Fargo & Company boosted their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research note on Monday, April 28th. Barclays boosted their target price on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Finally, Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $288.88.
Read Our Latest Stock Report on PGR
Progressive Price Performance
Shares of NYSE:PGR traded up $2.50 during trading on Friday, reaching $260.30. The company had a trading volume of 2,685,585 shares, compared to its average volume of 2,780,105. The firm's fifty day moving average is $274.28 and its 200 day moving average is $265.27. The firm has a market capitalization of $152.59 billion, a PE ratio of 17.55, a price-to-earnings-growth ratio of 1.61 and a beta of 0.37. The Progressive Corporation has a twelve month low of $207.50 and a twelve month high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. On average, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.
Progressive Dividend Announcement
The firm also recently announced a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be paid a dividend of $0.10 per share. This represents a yield of 0.15%. The ex-dividend date is Thursday, July 3rd. Progressive's dividend payout ratio is presently 2.70%.
Progressive Profile
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Free Report)
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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