Thrivent Financial for Lutherans Has $32.20 Million Holdings in The Progressive Co. (NYSE:PGR)

Thrivent Financial for Lutherans decreased its position in The Progressive Co. (NYSE:PGR - Free Report) by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,206 shares of the insurance provider's stock after selling 5,576 shares during the quarter. Thrivent Financial for Lutherans' holdings in Progressive were worth $32,198,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Webster Bank N. A. acquired a new stake in Progressive during the 4th quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive in the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after acquiring an additional 41 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 120 shares in the last quarter. Finally, Atala Financial Inc bought a new position in Progressive during the fourth quarter worth $32,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Shares of NYSE:PGR traded up $0.57 during trading hours on Tuesday, hitting $274.57. 2,911,245 shares of the company's stock traded hands, compared to its average volume of 2,431,730. The company's fifty day simple moving average is $262.72 and its two-hundred day simple moving average is $255.19. 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. 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 Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99.

Remove Ads

Progressive (NYSE:PGR - Get Free Report) last issued 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 net margin of 11.25% and a return on equity of 33.79%. As a group, equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive's dividend payout ratio is currently 2.78%.

Insider Activity

In other news, insider Patrick K. Callahan sold 4,669 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business'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 transaction of $2,194,878.60. Following the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,855 shares of company stock worth $16,767,455 over the last 90 days. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research reports. Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 10th. 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 report on Monday, December 16th. HSBC lowered Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a report on Tuesday, December 10th. Morgan Stanley boosted their price objective on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Finally, Barclays upped their target price on shares of Progressive from $264.00 to $285.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 13th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and a consensus price target of $281.06.

Progressive Profile

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.