Sei Investments Co. reduced its stake in The Progressive Co. (NYSE:PGR - Free Report) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 490,804 shares of the insurance provider's stock after selling 32,370 shares during the quarter. Sei Investments Co. owned about 0.08% of Progressive worth $117,608,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of Progressive by 1.3% in the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock valued at $6,263,763,000 after purchasing an additional 315,411 shares during the last quarter. Geode Capital Management LLC boosted its position in Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after acquiring an additional 1,682,213 shares during the last quarter. FMR LLC grew its holdings in Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock worth $2,669,204,000 after acquiring an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of 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 acquiring an additional 330,667 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Progressive by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,951,899 shares of the insurance provider's stock valued at $946,915,000 after purchasing an additional 115,681 shares during the period. 85.34% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the firm's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares of the company's stock, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the sale, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. This represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,855 shares of company stock valued at $16,767,455. 0.34% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on PGR. Morgan Stanley lifted their target price on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. BMO Capital Markets cut their target price on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday, March 20th. Wells Fargo & Company increased their price objective on shares of Progressive from $313.00 to $317.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Finally, StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $281.06.
View Our Latest Analysis on PGR
Progressive Stock Performance
Shares of Progressive stock traded up $0.57 during trading hours on Tuesday, hitting $274.57. 1,647,385 shares of the company's stock traded hands, compared to its average volume of 2,431,730. The stock has a market capitalization of $160.96 billion, a price-to-earnings ratio of 19.07, 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. 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 company has a fifty day simple moving average of $262.72 and a 200-day simple moving average of $255.19.
Progressive (NYSE:PGR - Get Free Report) last released its 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 net margin of 11.25% and a return on equity of 33.79%. Equities research analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.
Progressive Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive's payout ratio is 2.78%.
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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