US Bancorp DE Has $43.10 Million Stock Position in The Progressive Corporation $PGR

Key Points

• US Bancorp DE trimmed its position in The Progressive Corporation by 3.7% in Q4, selling 7,235 shares and leaving it with 189,270 shares worth $43.10 million per its latest 13F filing.
• Several large institutions—most notably Capital International Investors and Capital Research Global Investors—substantially increased stakes, and overall 85.34% of Progressive's stock is held by institutional investors and hedge funds.
• Analysts are mixed with a consensus rating of "Hold" and a $238.39 price target; Progressive recently beat EPS estimates but missed revenue, trades at a PE of 10.24, and pays a $0.40 annualized dividend (0.2% yield).

US Bancorp DE trimmed its position in The Progressive Corporation (NYSE:PGR - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 189,270 shares of the insurance provider's stock after selling 7,235 shares during the quarter. US Bancorp DE's holdings in Progressive were worth $43,103,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital International Investors boosted its holdings in Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider's stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the last quarter. Capital Research Global Investors boosted its holdings in Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after buying an additional 2,314,864 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Progressive by 2,012.0% during the third quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider's stock worth $189,546,000 after buying an additional 731,207 shares during the last quarter. M&T Bank Corp boosted its holdings in Progressive by 1,363.8% during the fourth quarter. M&T Bank Corp now owns 706,898 shares of the insurance provider's stock worth $160,975,000 after buying an additional 658,607 shares during the last quarter. Finally, Marshfield Associates boosted its holdings in Progressive by 70.8% during the third quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider's stock worth $389,552,000 after buying an additional 653,763 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reduced their target price on Progressive from $303.00 to $275.00 and set an "overweight" rating on the stock in a report on Wednesday, January 7th. UBS Group raised their target price on Progressive from $218.00 to $220.00 and gave the stock a "neutral" rating in a report on Monday, March 23rd. Morgan Stanley reduced their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a report on Tuesday, March 31st. Citigroup reduced their target price on Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a report on Tuesday, February 3rd. Finally, Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Progressive has a consensus rating of "Hold" and a consensus price target of $238.39.

Progressive Trading Up 0.4%

NYSE:PGR opened at $201.51 on Friday. The Progressive Corporation has a fifty-two week low of $192.02 and a fifty-two week high of $289.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.33 and a quick ratio of 0.35. The stock has a market capitalization of $117.87 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 6.62 and a beta of 0.34. The business's 50-day simple moving average is $203.18 and its 200-day simple moving average is $212.38.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. During the same quarter in the previous year, the business posted $4.37 EPS. Progressive's revenue for the quarter was up 6.5% on a year-over-year basis. Sell-side analysts expect that The Progressive Corporation will post 16.38 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive's payout ratio is 2.03%.

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the transaction, the executive owned 26,250 shares in the company, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 6,933 shares of company stock worth $1,441,564. Company insiders own 0.32% of the company's stock.

Progressive 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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