Twinbeech Capital LP Cuts Position in The Progressive Co. (NYSE:PGR)

Twinbeech Capital LP trimmed its position in The Progressive Co. (NYSE:PGR - Free Report) by 82.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,603 shares of the insurance provider's stock after selling 7,626 shares during the quarter. Twinbeech Capital LP's holdings in Progressive were worth $384,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PGR. Norges Bank acquired a new stake in Progressive during the 4th quarter worth $1,843,045,000. GQG Partners LLC raised its stake in Progressive by 67.6% during the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock worth $1,239,143,000 after acquiring an additional 2,085,833 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Progressive during the 4th quarter worth $408,416,000. Capital Research Global Investors grew its position in Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares during the last quarter. Finally, Northern Trust Corp grew its position in Progressive by 13.0% during the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 4,669 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares of the company's stock, valued at $4,248,922.70. This trade represents a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $279.94, for a total transaction of $2,799,400.00. Following the transaction, the chief financial officer now directly owns 269,566 shares in the company, valued at $75,462,306.04. The trade was a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,384 shares of company stock valued at $11,711,495. Company insiders own 0.33% of the company's stock.

Progressive Price Performance

Progressive stock traded down $2.59 during trading hours on Wednesday, hitting $276.16. 640,735 shares of the stock were exchanged, compared to its average volume of 2,640,890. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The stock has a market capitalization of $161.89 billion, a P/E ratio of 19.18, a P/E/G ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The business's 50-day moving average is $275.39 and its two-hundred day moving average is $263.17.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Equities research analysts expect that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive's dividend payout ratio is presently 2.70%.

Analyst Ratings Changes

Several research analysts have issued reports on PGR shares. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. BMO Capital Markets boosted their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $288.59.

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.