River Road Asset Management LLC trimmed its stake in The Progressive Co. (NYSE:PGR - Free Report) by 16.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 298,399 shares of the insurance provider's stock after selling 57,046 shares during the period. River Road Asset Management LLC owned approximately 0.05% of Progressive worth $47,529,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Harbour Investments Inc. raised its holdings in shares of Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider's stock worth $29,000 after buying an additional 108 shares during the period. Valley National Advisers Inc. raised its holdings in shares of Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider's stock worth $30,000 after buying an additional 112 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of Progressive in the first quarter worth approximately $31,000. Neo Ivy Capital Management purchased a new stake in shares of Progressive in the second quarter worth approximately $35,000. Finally, Arlington Trust Co LLC purchased a new stake in shares of Progressive in the third quarter worth approximately $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Progressive
In other news, insider Patrick K. Callahan sold 29,675 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company's stock, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company's stock, valued at approximately $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares of the company's stock, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.
Progressive Stock Up 0.4 %
Shares of NYSE:PGR traded up $0.77 on Wednesday, reaching $209.12. The company had a trading volume of 3,554,558 shares, compared to its average volume of 2,604,509. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $212.24. The firm's 50 day simple moving average is $198.74 and its 200-day simple moving average is $174.33. The firm has a market capitalization of $122.48 billion, a PE ratio of 21.40, a PEG ratio of 0.86 and a beta of 0.35. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.
Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business's revenue was up 17.7% compared to the same quarter last year. During the same period last year, the business posted $0.65 EPS. As a group, analysts expect that The Progressive Co. will post 10.73 earnings per share for the current fiscal year.
Progressive Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive's payout ratio is 4.09%.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on PGR. Piper Sandler reiterated an "overweight" rating and issued a $240.00 price target on shares of Progressive in a report on Monday, April 1st. TD Cowen began coverage on Progressive in a report on Wednesday, January 10th. They set a "market perform" rating and a $174.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on Progressive from $190.00 to $200.00 and gave the stock a "market perform" rating in a report on Wednesday, April 10th. The Goldman Sachs Group raised their price objective on Progressive from $161.00 to $216.00 and gave the stock a "neutral" rating in a report on Monday, March 25th. Finally, Morgan Stanley raised their price objective on Progressive from $228.00 to $247.00 and gave the stock an "overweight" rating in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $211.88.
Get Our Latest Report on PGR
Progressive Company Profile
(
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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