Glenview Trust co boosted its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 32.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,299 shares of the insurance provider's stock after acquiring an additional 2,980 shares during the period. Glenview Trust co's holdings in Progressive were worth $2,947,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Raymond James Financial Inc. acquired a new position in shares of Progressive in the fourth quarter worth $408,416,000. Geode Capital Management LLC raised its stake in Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the last quarter. Jennison Associates LLC lifted its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock valued at $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Progressive by 75.3% during the 3rd 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 purchasing an additional 641,943 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its holdings in shares of Progressive by 36,819.8% during 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 in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.
Wall Street Analysts Forecast Growth
PGR has been the subject of a number of recent analyst reports. UBS Group lifted their price objective on Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday. Morgan Stanley increased their target price on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. JPMorgan Chase & Co. increased their price target on Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a report on Friday, January 3rd. Barclays raised their price objective on shares of Progressive from $264.00 to $285.00 and gave the stock an "equal weight" rating in a report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods dropped their price target on Progressive from $295.00 to $294.00 and set an "outperform" rating on the stock in a research report on Friday, January 10th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Progressive has an average rating of "Moderate Buy" and an average target price of $281.76.
Get Our Latest Report on PGR
Insider Buying and Selling
In other news, CFO John P. Sauerland sold 1,542 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now directly owns 268,024 shares of the company's stock, valued at $75,759,663.84. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CIO Jonathan S. Bauer sold 1,696 shares of Progressive stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the transaction, the executive now owns 26,697 shares in the company, valued at approximately $7,546,174.02. The trade was a 5.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,495 shares of company stock worth $16,668,034 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.
Progressive Stock Performance
Shares of NYSE:PGR traded down $7.89 on Tuesday, hitting $283.33. The company's stock had a trading volume of 1,887,911 shares, compared to its average volume of 2,681,415. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The stock's 50-day moving average is $259.18 and its two-hundred day moving average is $254.36. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The company has a market capitalization of $166.09 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.
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, topping analysts' consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities research analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.
Progressive Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive's dividend payout ratio (DPR) is 2.78%.
Progressive Company Profile
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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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