Corebridge Financial Inc. Acquires 3,556 Shares of The Progressive Co. (NYSE:PGR)

Corebridge Financial Inc. lifted its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 162,820 shares of the insurance provider's stock after purchasing an additional 3,556 shares during the quarter. Corebridge Financial Inc.'s holdings in Progressive were worth $39,013,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Webster Bank N. A. purchased a new stake in shares of Progressive in the fourth quarter worth about $26,000. Hager Investment Management Services LLC purchased a new stake in Progressive in the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC boosted its holdings in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares during the period. Valley National Advisers Inc. grew its position in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. Finally, Atala Financial Inc bought a new position in shares of Progressive in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares of the company's stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares of the company's stock, valued at $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,255 shares of company stock valued at $16,877,471. 0.34% of the stock is owned by insiders.

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Progressive Stock Up 0.3 %

Shares of NYSE:PGR traded up $0.81 during midday trading on Thursday, reaching $273.35. The company's stock had a trading volume of 614,103 shares, compared to its average volume of 2,845,236. 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 firm has a 50 day moving average of $264.03 and a 200-day moving average of $255.49. The firm has a market capitalization of $160.24 billion, a P/E ratio of 18.98, a PEG ratio of 1.70 and a beta of 0.35. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99.

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

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be issued 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 is Thursday, April 3rd. Progressive's payout ratio is 2.78%.

Analyst Ratings Changes

Several research firms have weighed in on PGR. Keefe, Bruyette & Woods raised their price target on Progressive from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Thursday, March 20th. Wells Fargo & Company raised their target price on shares of Progressive from $313.00 to $317.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Bank of America cut their price target on shares of Progressive from $318.00 to $300.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, March 22nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a research note on Friday, January 3rd. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $281.06.

Progressive 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.