Avalon Trust Co reduced its position in The Progressive Co. (NYSE:PGR - Free Report) by 31.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 115,890 shares of the insurance provider's stock after selling 53,983 shares during the quarter. Progressive comprises approximately 2.0% of Avalon Trust Co's portfolio, making the stock its 11th biggest position. Avalon Trust Co's holdings in Progressive were worth $27,768,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. State Street Corp raised its stake in shares of Progressive by 1.3% during the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock worth $6,263,763,000 after buying an additional 315,411 shares during the last quarter. Geode Capital Management LLC increased its position in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. FMR LLC increased its position in Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock worth $2,669,204,000 after purchasing an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock valued at $1,286,036,000 after buying an additional 330,667 shares during the period. Finally, Jennison Associates LLC grew its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock valued at $1,205,266,000 after buying an additional 842,109 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.
Analyst Ratings Changes
PGR has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on Progressive from $313.00 to $317.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their target price on Progressive from $251.00 to $256.00 and gave the stock an "overweight" rating in a report on Friday, January 3rd. Bank of America decreased their target price on Progressive from $333.00 to $318.00 and set a "buy" rating for the company in a report on Monday, March 10th. Barclays boosted their target price on Progressive from $264.00 to $285.00 and gave the stock an "equal weight" rating in a report on Thursday. Finally, HSBC cut Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a report on Tuesday, December 10th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $281.76.
View Our Latest Stock Report on PGR
Insider Activity at Progressive
In related news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, the chief financial officer now owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares of the company's stock, valued at $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,257 shares of company stock worth $15,752,781 in the last 90 days. 0.34% of the stock is owned by company insiders.
Progressive Stock Performance
Shares of NYSE PGR traded up $8.00 during trading on Monday, reaching $291.69. The stock had a trading volume of 3,454,385 shares, compared to its average volume of 2,379,282. The stock has a market cap of $170.99 billion, a PE ratio of 20.26, a P/E/G ratio of 1.70 and a beta of 0.35. The firm's 50 day moving average price is $259.18 and its two-hundred day moving average price is $254.36. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a one year low of $201.34 and a one year high of $291.40.
Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's payout ratio is currently 2.78%.
Progressive Company 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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