Connecticut Wealth Management LLC increased its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 282.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,889 shares of the insurance provider's stock after acquiring an additional 5,089 shares during the period. Connecticut Wealth Management LLC's holdings in Progressive were worth $1,097,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider's stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares in the last quarter. Northern Trust Corp increased its position in shares of Progressive by 2.8% in the third quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider's stock valued at $833,410,000 after buying an additional 162,916 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Progressive by 2.9% during the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider's stock worth $785,814,000 after buying an additional 156,332 shares during the period. Invesco Ltd. lifted its position in shares of Progressive by 31.8% during the 3rd quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider's stock valued at $666,004,000 after buying an additional 1,154,591 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Progressive by 10.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,363,575 shares of the insurance provider's stock valued at $468,546,000 after acquiring an additional 309,287 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have weighed in on PGR. Citigroup upped their price objective on shares of Progressive from $202.00 to $225.00 and gave the stock a "neutral" rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods raised their target price on Progressive from $190.00 to $200.00 and gave the company a "market perform" rating in a research report on Wednesday, April 10th. Bank of America lowered their price target on Progressive from $279.00 to $273.00 and set a "buy" rating on the stock in a research note on Wednesday, April 17th. Piper Sandler reissued an "overweight" rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. Finally, The Goldman Sachs Group lifted their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a "neutral" rating in a research note on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $211.88.
Check Out Our Latest Stock Analysis on PGR
Progressive Trading Down 0.1 %
Shares of NYSE:PGR traded down $0.31 during mid-day trading on Friday, reaching $208.72. 2,150,779 shares of the company were exchanged, compared to its average volume of 2,992,636. The firm has a market cap of $122.25 billion, a price-to-earnings ratio of 21.36, a P/E/G ratio of 0.82 and a beta of 0.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $216.21. The firm's 50-day simple moving average is $204.30 and its 200 day simple moving average is $179.90.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts' consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analysts' expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company's revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. Equities research analysts forecast that The Progressive Co. will post 11.34 EPS for the current year.
Progressive Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive's dividend payout ratio (DPR) is presently 4.09%.
Insider Buying and Selling at Progressive
In other news, insider Patrick K. Callahan sold 29,675 shares of the company's 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 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 can be accessed through this hyperlink. In related news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction that occurred on Tuesday, March 5th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were 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 directly owns 15,189 shares in the company, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders sold 39,139 shares of company stock valued at $7,458,139 in the last 90 days. Company insiders own 0.34% of the company's stock.
Progressive 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.
Further Reading
Before you consider Progressive, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Progressive wasn't on the list.
While Progressive currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
