Carnegie Investment Counsel grew its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 0.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 280,488 shares of the insurance provider's stock after purchasing an additional 2,073 shares during the quarter. Progressive makes up about 1.9% of Carnegie Investment Counsel's portfolio, making the stock its 8th biggest holding. Carnegie Investment Counsel's holdings in Progressive were worth $67,208,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in Progressive by 98.2% in the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock valued at $189,000 after purchasing an additional 391 shares during the period. Townsquare Capital LLC grew its stake in Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider's stock valued at $1,983,000 after acquiring an additional 3,720 shares during the period. Diversified Trust Co grew its stake in Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock valued at $6,531,000 after acquiring an additional 11,770 shares during the period. Sycomore Asset Management increased its holdings in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock worth $5,856,000 after acquiring an additional 2,450 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Progressive by 7.0% during the third 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 purchasing an additional 330,667 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Trading Down 0.7 %
PGR stock traded down $1.75 during trading on Friday, reaching $243.79. 1,967,879 shares of the stock were exchanged, compared to its average volume of 2,543,944. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $142.82 billion, a price-to-earnings ratio of 17.72, a P/E/G ratio of 0.61 and a beta of 0.41. The business has a 50 day moving average price of $250.53 and a 200-day moving average price of $242.03. The Progressive Co. has a 1 year low of $166.92 and a 1 year high of $270.62.
Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, research analysts predict that The Progressive Co. will post 13.52 earnings per share for the current year.
Progressive Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive's dividend payout ratio is currently 2.91%.
Analyst Ratings Changes
A number of analysts have recently commented on PGR shares. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a research note on Friday, January 10th. Hsbc Global Res lowered Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Bank of America lifted their price target on Progressive from $331.00 to $335.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. Finally, Barclays reduced their price objective on Progressive from $277.00 to $261.00 and set an "equal weight" rating for the company in a research note on Monday, January 6th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $275.24.
Check Out Our Latest Stock Report on Progressive
Insider Activity
In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of the company's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,919 shares of company stock valued at $8,222,168 in the last quarter. Insiders own 0.34% of the company's stock.
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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