Whittier Trust Co. of Nevada Inc. increased its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2,169.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,322 shares of the insurance provider's stock after buying an additional 13,691 shares during the period. Whittier Trust Co. of Nevada Inc.'s holdings in Progressive were worth $3,432,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in PGR. State Street Corp lifted its holdings in Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock valued at $6,263,763,000 after buying an additional 315,411 shares during the period. Geode Capital Management LLC increased its stake in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. FMR LLC lifted its stake in Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock valued at $2,669,204,000 after buying an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Progressive by 7.0% in the third 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. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Progressive by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,951,899 shares of the insurance provider's stock worth $946,915,000 after acquiring an additional 115,681 shares in the last quarter. Institutional investors own 85.34% of the company's stock.
Progressive Trading Down 0.7 %
Shares of PGR stock traded down $1.94 on Wednesday, hitting $272.49. The company had a trading volume of 3,462,987 shares, compared to its average volume of 2,431,206. The stock's 50-day moving average is $263.42 and its two-hundred day moving average is $255.37. 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 firm has a market cap of $159.74 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.70 and a beta of 0.35. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) 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%. On average, equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders 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 dividend on an annualized basis and a yield of 0.15%. Progressive's dividend payout ratio (DPR) is currently 2.78%.
Insiders Place Their Bets
In related news, insider Andrew J. Quigg sold 681 shares of the firm's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares of the company's stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lori A. Niederst sold 3,855 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the sale, the insider now directly owns 39,040 shares of the company's stock, valued at approximately $9,645,222.40. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,255 shares of company stock worth $16,877,471. Company insiders own 0.34% of the company's stock.
Analyst Ratings Changes
Several brokerages have recently weighed in on PGR. Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. UBS Group upped their price objective on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 14th. Morgan Stanley lifted their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. HSBC cut shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Finally, StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a report on Saturday. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive has an average rating of "Moderate Buy" and a consensus target price of $281.06.
View Our Latest Report on PGR
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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