Axxcess Wealth Management LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 46.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,336 shares of the insurance provider's stock after selling 1,144 shares during the quarter. Axxcess Wealth Management LLC's holdings in Progressive were worth $320,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc lifted its position in Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock valued at $189,000 after purchasing an additional 391 shares during the period. Townsquare Capital LLC raised its stake in shares of Progressive by 90.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider's stock valued at $1,983,000 after buying an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 valued at $1,286,036,000 after buying an additional 330,667 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Progressive by 2,262.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock worth $103,990,000 after buying an additional 415,628 shares during the last quarter. Finally, Signal Advisors Wealth LLC grew its holdings in Progressive by 42.3% during the fourth 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 period. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Progressive
In other news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their position. The sale 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 company'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 $2,194,878.60. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, 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 90 days, insiders sold 65,855 shares of company stock valued at $16,767,455. 0.34% of the stock is currently owned by insiders.
Progressive Price Performance
PGR stock traded up $0.57 during midday trading on Tuesday, reaching $274.57. The stock had a trading volume of 2,911,344 shares, compared to its average volume of 2,427,473. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. 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 company's fifty day simple moving average is $263.42 and its 200 day simple moving average is $255.37. The company has a market cap of $160.96 billion, a price-to-earnings ratio of 19.07, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly 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%. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a $0.10 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.78%.
Wall Street Analyst Weigh In
Several research firms have commented on PGR. Barclays upped their price objective on Progressive from $264.00 to $285.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 13th. Morgan Stanley increased their price target on shares of 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 price objective on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a report on Monday, December 16th. HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price on the stock. in a research note on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods lifted their price target on Progressive from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday, March 20th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and an average target price of $281.06.
Get Our Latest Research Report on Progressive
Progressive Profile
(
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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