Epoch Investment Partners Inc. Decreases Stock Holdings in The Progressive Co. (NYSE:PGR)

Epoch Investment Partners Inc. decreased its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 12.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,129 shares of the insurance provider’s stock after selling 2,808 shares during the period. Epoch Investment Partners Inc.’s holdings in Progressive were worth $3,047,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Giverny Capital Inc. increased its position in Progressive by 2.9% during the third quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock valued at $69,849,000 after acquiring an additional 14,022 shares during the last quarter. TCW Group Inc. bought a new position in Progressive during the fourth quarter valued at $1,988,000. Invesco LLC increased its position in Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after acquiring an additional 70 shares during the last quarter. Strs Ohio increased its position in Progressive by 3.1% during the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock valued at $26,788,000 after acquiring an additional 4,983 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Progressive by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 210,460 shares of the insurance provider’s stock valued at $33,522,000 after acquiring an additional 4,443 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the sale, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares in the company, valued at $63,978,003.94. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, 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 ninety days, insiders sold 20,818 shares of company stock valued at $4,280,482. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PGR shares. Wells Fargo & Company cut their price target on shares of Progressive from $244.00 to $243.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Morgan Stanley upped their price objective on shares of Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. BMO Capital Markets upped their price objective on shares of Progressive from $234.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. Jefferies Financial Group upped their price objective on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. One 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. Based on data from MarketBeat.com, Progressive has a consensus rating of “Hold” and an average price target of $215.19.

Get Our Latest Report on PGR

Progressive Trading Down 0.3 %

Shares of PGR stock traded down $0.66 on Friday, hitting $212.53. 2,113,087 shares of the stock traded hands, compared to its average volume of 2,338,871. The firm’s 50-day moving average price is $209.53 and its two-hundred day moving average price is $188.67. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a market capitalization of $124.48 billion, a PE ratio of 21.75, a PEG ratio of 0.81 and a beta of 0.35. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $217.77.

Progressive (NYSE:PGRGet Free Report) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the firm earned $0.65 earnings per share. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, analysts anticipate that The Progressive Co. will post 11.64 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

About Progressive

(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.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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