CANADA LIFE ASSURANCE Co lifted its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 7.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 657,848 shares of the insurance provider's stock after acquiring an additional 43,184 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.11% of Progressive worth $157,674,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Kesler Norman & Wride LLC raised its stake in shares of Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after buying an additional 40 shares during the last quarter. Atlantic Edge Private Wealth Management LLC raised its position in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after acquiring an additional 41 shares in the last quarter. Washington Trust Bank lifted its holdings in Progressive by 4.1% in the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock valued at $255,000 after acquiring an additional 42 shares during the period. SYM FINANCIAL Corp boosted its position in Progressive by 2.8% in the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock worth $384,000 after purchasing an additional 44 shares in the last quarter. Finally, Monument Capital Management grew its stake in shares of Progressive by 0.3% during the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock worth $3,298,000 after purchasing an additional 44 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.
Insider Buying and Selling at Progressive
In related news, CFO John P. Sauerland sold 1,542 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the completion of the transaction, the chief financial officer now owns 268,024 shares of the company's stock, valued at approximately $75,759,663.84. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 585 shares of the business's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $142,324.65. Following the completion of the sale, the chief accounting officer now directly owns 3,983 shares in the company, valued at approximately $969,024.07. The trade was a 12.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock worth $14,844,282 in the last ninety days. 0.34% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Progressive from $320.00 to $324.00 and gave the stock an "overweight" rating in a report on Thursday. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 target price on shares of Progressive in a research note on Thursday. UBS Group lifted their price target on Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research note on Friday, March 14th. Morgan Stanley increased their price target on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, Bank of America boosted their price objective on Progressive from $289.00 to $297.00 and gave the company a "neutral" rating in a research report on Thursday. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $285.76.
Get Our Latest Stock Report on Progressive
Progressive Price Performance
Shares of Progressive stock traded down $9.68 on Friday, hitting $265.45. 3,648,773 shares of the company were exchanged, compared to its average volume of 2,636,730. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $273.91 and a 200 day moving average price of $257.86. The stock has a market capitalization of $155.62 billion, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The company had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is presently 2.70%.
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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