The Progressive Co. (NYSE:PGR) Shares Sold by Stephens Inc. AR

Stephens Inc. AR trimmed its stake in shares of The Progressive Co. (NYSE:PGRFree Report) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,773 shares of the insurance provider’s stock after selling 351 shares during the period. Stephens Inc. AR’s holdings in Progressive were worth $3,149,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Pinebridge Investments L.P. lifted its position in shares of Progressive by 76.3% during the 4th quarter. Pinebridge Investments L.P. now owns 70,615 shares of the insurance provider’s stock valued at $11,250,000 after acquiring an additional 30,552 shares during the period. Cibc World Markets Corp lifted its position in shares of Progressive by 44.3% during the 4th quarter. Cibc World Markets Corp now owns 135,691 shares of the insurance provider’s stock valued at $21,613,000 after acquiring an additional 41,682 shares during the period. 1832 Asset Management L.P. raised its position in shares of Progressive by 237.8% during the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after purchasing an additional 1,045,883 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Progressive by 227.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 91,915 shares of the insurance provider’s stock worth $14,640,000 after purchasing an additional 63,846 shares during the last quarter. Finally, Lake Street Advisors Group LLC acquired a new position in shares of Progressive during the 4th quarter worth approximately $981,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now owns 35,503 shares in the company, valued at approximately $7,357,996.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last three months, insiders sold 20,818 shares of company stock valued at $4,280,482. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.3 %

Shares of NYSE PGR opened at $212.53 on Friday. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $217.77. The firm has a fifty day moving average of $209.53 and a 200-day moving average of $188.67. The stock has a market capitalization of $124.48 billion, a PE ratio of 21.75, a P/E/G ratio of 0.81 and a beta of 0.35. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the previous year, the company earned $0.65 EPS. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. On average, analysts anticipate that The Progressive Co. will post 11.64 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is 4.09%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. Roth Mkm lifted their price objective on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Citigroup lifted their price objective on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. lifted their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. UBS Group lifted their price objective on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Finally, Morgan Stanley lifted their target price 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $215.19.

Read Our Latest Stock Report on PGR

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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