Boston Partners Sells 9,538 Shares of The Progressive Co. (NYSE:PGR)

Boston Partners cut its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 64.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,343 shares of the insurance provider's stock after selling 9,538 shares during the quarter. Boston Partners' holdings in Progressive were worth $1,280,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in Progressive by 98.2% in the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock worth $189,000 after buying an additional 391 shares during the period. Townsquare Capital LLC boosted its stake in Progressive by 90.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider's stock valued at $1,983,000 after purchasing an additional 3,720 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position 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 worth $1,286,036,000 after purchasing an additional 330,667 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Progressive by 2,262.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock valued at $103,990,000 after purchasing an additional 415,628 shares during the period. Finally, Signal Advisors Wealth LLC grew its holdings in Progressive by 42.3% in the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock worth $2,849,000 after buying an additional 3,534 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

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Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company's stock, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,255 shares of company stock worth $16,877,471. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Raymond James upgraded Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price target for the company in a research report on Thursday, December 26th. BMO Capital Markets dropped their price target on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Hsbc Global Res cut Progressive from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 10th. Morgan Stanley increased their price target on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods boosted their price objective on Progressive from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Thursday, March 20th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $281.06.

Progressive Trading Down 0.7 %

Progressive stock traded down $1.94 during midday trading on Wednesday, reaching $272.49. The stock had a trading volume of 2,773,580 shares, compared to its average volume of 2,431,206. The firm's fifty day simple moving average is $263.42 and its two-hundred day simple moving average is $255.37. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The firm has a market cap of $159.74 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts' consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is 2.78%.

Progressive Company Profile

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.