Vontobel Holding Ltd. reduced its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 766,365 shares of the insurance provider's stock after selling 5,765 shares during the quarter. Vontobel Holding Ltd. owned about 0.13% of Progressive worth $216,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after purchasing an additional 583,376 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Progressive by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after buying an additional 189,638 shares in the last quarter. Norges Bank bought a new stake in Progressive during the fourth quarter worth approximately $1,843,045,000. Northern Trust Corp lifted its stake in shares of Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock valued at $1,480,677,000 after purchasing an additional 710,684 shares during the last quarter. Finally, Capital Research Global Investors boosted its stake in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after buying an additional 1,547,677 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.
Insider Activity at Progressive
In related news, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director owned 12,429 shares in the company, valued at $3,451,160.43. This represents a 16.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Jo Murphy sold 4,000 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the transaction, the insider directly owned 41,289 shares of the company's stock, valued at $10,750,829.82. The trade was a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock valued at $11,450,948 in the last three months. Company insiders own 0.34% of the company's stock.
Analysts Set New Price Targets
PGR has been the topic of a number of recent analyst reports. UBS Group increased their price objective on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. BMO Capital Markets boosted their target price on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Morgan Stanley set a $330.00 target price on Progressive and gave the company an "overweight" rating in a research report on Monday, May 19th. Jefferies Financial Group cut their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $288.88.
View Our Latest Stock Analysis on Progressive
Progressive Stock Performance
NYSE:PGR traded down $6.55 during mid-day trading on Wednesday, hitting $257.75. The company's stock had a trading volume of 3,422,728 shares, compared to its average volume of 2,770,179. The business's fifty day moving average is $274.62 and its two-hundred day moving average is $265.16. The stock has a market cap of $151.10 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 1.62 and a beta of 0.37. The Progressive Corporation has a 1 year low of $207.50 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.
Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.
Progressive Dividend Announcement
The business also recently declared a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be issued a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's payout ratio is presently 2.70%.
Progressive Company 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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