Principal Financial Group Inc. cut its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,303,937 shares of the insurance provider's stock after selling 182,297 shares during the quarter. Progressive comprises 0.7% of Principal Financial Group Inc.'s investment portfolio, making the stock its 23rd biggest position. Principal Financial Group Inc. owned about 1.25% of Progressive worth $1,163,371,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. AlphaStar Capital Management LLC increased its holdings in shares of Progressive by 2.4% in the fourth quarter. AlphaStar Capital Management LLC now owns 8,736 shares of the insurance provider's stock valued at $1,391,000 after purchasing an additional 207 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Progressive by 16.7% in the 4th quarter. QRG Capital Management Inc. now owns 28,616 shares of the insurance provider's stock valued at $4,558,000 after buying an additional 4,085 shares in the last quarter. Jump Financial LLC increased its stake in shares of Progressive by 313.7% in the 4th quarter. Jump Financial LLC now owns 20,520 shares of the insurance provider's stock worth $3,268,000 after acquiring an additional 15,560 shares during the last quarter. Qsemble Capital Management LP purchased a new position in shares of Progressive during the 4th quarter worth $1,067,000. Finally, Astoria Portfolio Advisors LLC. acquired a new position in shares of Progressive during the 4th quarter valued at about $347,000. Institutional investors and hedge funds own 85.34% of the company's stock.
Wall Street Analyst Weigh In
PGR has been the topic of a number of analyst reports. Bank of America reduced their target price on shares of Progressive from $279.00 to $273.00 and set a "buy" rating on the stock in a research note on Wednesday, April 17th. HSBC increased their price objective on Progressive from $174.00 to $200.00 and gave the stock a "hold" rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. lifted their target price on Progressive from $171.00 to $202.00 and gave the company an "overweight" rating in a research report on Monday, April 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a "neutral" rating in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $211.88.
Get Our Latest Stock Analysis on PGR
Progressive Stock Down 1.5 %
Shares of PGR traded down $3.30 during mid-day trading on Monday, reaching $212.46. The company's stock had a trading volume of 1,549,295 shares, compared to its average volume of 2,577,075. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $217.77. The stock has a market cap of $124.44 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 0.85 and a beta of 0.34. The company's 50 day moving average is $206.73 and its 200 day moving average is $182.00.
Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm's revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.65 earnings per share. Equities analysts anticipate that The Progressive Co. will post 11.29 EPS for the current fiscal year.
Progressive Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were paid a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive's dividend payout ratio is presently 4.09%.
Insiders Place Their Bets
In other news, Director Devin C. Johnson sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated 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 sale, the insider now owns 32,342 shares of the company's stock, valued at $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the firm's stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares of the company's stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,139 shares of company stock valued at $7,458,139. 0.34% of the stock is currently owned by insiders.
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.
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