River Road Asset Management LLC trimmed its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 14.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 94,397 shares of the insurance provider's stock after selling 16,042 shares during the period. River Road Asset Management LLC's holdings in Progressive were worth $22,618,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of PGR. Raymond James Financial Inc. acquired a new stake in shares of Progressive in the fourth quarter worth $408,416,000. Geode Capital Management LLC lifted its stake in shares of Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock worth $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock worth $1,205,266,000 after buying an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Progressive by 75.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider's stock worth $379,139,000 after buying an additional 641,943 shares during the last quarter. Finally, Proficio Capital Partners LLC lifted its stake in shares of Progressive by 36,819.8% in the fourth quarter. Proficio Capital Partners LLC now owns 568,195 shares of the insurance provider's stock worth $136,145,000 after buying an additional 566,656 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Progressive
In other Progressive news, CIO Jonathan S. Bauer sold 1,227 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $281.00, for a total transaction of $344,787.00. Following the sale, the executive now owns 28,393 shares of the company's stock, valued at $7,978,433. This represents a 4.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,257 shares of company stock valued at $15,752,781. 0.34% of the stock is owned by insiders.
Progressive Stock Performance
Progressive stock traded up $1.99 on Thursday, hitting $279.54. The company's stock had a trading volume of 3,046,396 shares, compared to its average volume of 2,693,404. The company has a fifty day moving average price of $257.30 and a 200-day moving average price of $253.68. 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 Progressive Co. has a one year low of $199.54 and a one year high of $287.49. The firm has a market cap of $163.87 billion, a P/E ratio of 19.41, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.
Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive's payout ratio is 2.78%.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on the stock. Raymond James upgraded shares of Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 target price for the company in a research note on Thursday, December 26th. 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. JPMorgan Chase & Co. upped their target price 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. Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Finally, HSBC cut shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $277.82.
View Our Latest Report on Progressive
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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