Capital Research Global Investors raised its position in The Progressive Co. (NYSE:PGR - Free Report) by 34.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,058,187 shares of the insurance provider's stock after purchasing an additional 1,547,677 shares during the quarter. Capital Research Global Investors owned about 1.03% of Progressive worth $1,451,602,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Versant Capital Management Inc increased its stake in Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock worth $189,000 after acquiring an additional 391 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Progressive by 2,262.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock valued at $103,990,000 after acquiring an additional 415,628 shares during the last quarter. Signal Advisors Wealth LLC lifted its holdings in shares of Progressive by 42.3% in the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock worth $2,849,000 after acquiring an additional 3,534 shares during the last quarter. Nordea Investment Management AB increased its holdings in Progressive by 30.5% in the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider's stock valued at $255,882,000 after purchasing an additional 249,958 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Progressive in the third quarter valued at $35,253,000. Hedge funds and other institutional investors own 85.34% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on PGR. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Wells Fargo & Company upped their price objective on Progressive from $320.00 to $324.00 and gave the stock an "overweight" rating in a research report on Thursday, April 17th. Jefferies Financial Group reduced their price target on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Raymond James raised Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Finally, BMO Capital Markets upped their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $285.76.
Read Our Latest Report on PGR
Progressive Stock Performance
Shares of NYSE PGR traded up $0.80 during trading hours on Thursday, reaching $265.83. The stock had a trading volume of 911,519 shares, compared to its average volume of 2,632,207. The firm has a 50-day moving average of $274.04 and a 200-day moving average of $258.02. The firm has a market cap of $155.84 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 1.70 and a beta of 0.38. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. Equities research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.
Progressive Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio is presently 2.70%.
Insiders Place Their Bets
In other news, Director Jeffrey D. Kelly sold 10,000 shares of Progressive stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $250.00, for a total value of $2,500,000.00. Following the sale, the director now owns 27,741 shares of the company's stock, valued at $6,935,250. The trade was a 26.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 4,669 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares of the company's stock, valued at $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,749 shares of company stock valued at $11,786,613. 0.33% of the stock is owned by company insiders.
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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