The Progressive Co. (NYSE:PGR) Shares Sold by AIA Group Ltd

AIA Group Ltd decreased its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 10.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 139,933 shares of the insurance provider's stock after selling 15,494 shares during the period. Progressive makes up 0.9% of AIA Group Ltd's holdings, making the stock its 23rd largest position. AIA Group Ltd's holdings in Progressive were worth $22,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Harbour Investments Inc. boosted its position in shares of Progressive by 109.1% during 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. lifted its position in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider's stock worth $30,000 after acquiring an additional 112 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Progressive during the first quarter worth approximately $31,000. Neo Ivy Capital Management acquired a new position in shares of Progressive in the second quarter valued at approximately $35,000. Finally, Arlington Trust Co LLC bought a new position in shares of Progressive during the third quarter worth approximately $36,000. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Patrick K. Callahan sold 29,675 shares of the firm's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction 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 $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Karen Bailo sold 8,464 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on Progressive from $171.00 to $202.00 and gave the company an "overweight" rating in a research note on Monday, April 8th. Jefferies Financial Group upped their price target on shares of Progressive from $241.00 to $245.00 and gave the company a "buy" rating in a research note on Monday. Citigroup lifted their price objective on shares of Progressive from $202.00 to $225.00 and gave the stock a "neutral" rating in a research note on Monday. Wells Fargo & Company upped their price objective on shares of Progressive from $232.00 to $238.00 and gave the stock an "overweight" rating in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group raised their price target on shares of Progressive from $161.00 to $216.00 and gave the stock a "neutral" rating in a report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of "Hold" and a consensus price target of $211.88.

Progressive Stock Performance

NYSE PGR traded up $0.63 during trading hours on Thursday, reaching $209.75. 2,116,091 shares of the company were exchanged, compared to its average volume of 2,598,000. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $122.85 billion, a P/E ratio of 21.47, a P/E/G ratio of 0.84 and a beta of 0.35. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $212.24. The business's 50 day simple moving average is $199.28 and its 200-day simple moving average is $174.57.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate 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%. Progressive's revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 earnings per share. On average, equities research analysts expect that The Progressive Co. will post 11.09 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive's dividend payout ratio (DPR) is presently 4.09%.

About Progressive

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.