City State Bank purchased a new stake in The Progressive Co. (NYSE: PGR – Get Rating) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 793 shares of the insurance provider’s stock, valued at approximately $ 85,000.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. lifted its stake in Progressive by 3.1% in the fourth quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock valued at $ 4,700,376,000 after buying an additional 1,393,588 shares during the period. State Street Corp lifted its stake in Progressive by 2.2% in the fourth quarter. State Street Corp now owns 27,182,740 shares of the insurance provider’s stock valued at $ 2,790,308,000 after buying an additional 572,891 shares during the period. Capital World Investors lifted its stake in Progressive by 1.5% in the fourth quarter. Capital World Investors now owns 8,955,605 shares of the insurance provider’s stock valued at $ 919,293,000 after buying an additional 134,593 shares during the period. Alliancebernstein LP lifted its stake in Progressive by 15.8% in the fourth quarter. Alliancebernstein LP now owns 8,824,278 shares of the insurance provider’s stock valued at $ 905,812,000 after buying an additional 1,205,937 shares during the period. Finally, Deutsche Bank AG lifted its stake in Progressive by 1.8% in the fourth quarter. Deutsche Bank AG now owns 6,671,803 shares of the insurance provider’s stock valued at $ 684,860,000 after buying an additional 115,724 shares during the period. Institutional investors and hedge funds own 83.68% of the company stock.
Shares of Progressive stock opened at $ 109.56 on Friday. The business’s 50 day simple moving average is $ 113.04 and its 200 day simple moving average is $ 108.92. The Progressive Co. has a 52-week low of $ 89.35 and a 52-week high of $ 121.36. The firm has a market cap of $ 64.08 billion, a PE ratio of 29.77, a P / E / G ratio of 1.34 and a beta of 0.49. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.33 and a current ratio of 0.33.
Progressive (NYSE: PGR – Get Rating) last announced its earnings results on Thursday, April 14th. The insurance provider reported $ 1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $ 1.24 by ($ 0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The firm had revenue of $ 12.29 billion during the quarter, compared to analyst estimates of $ 12.24 billion. As a group, equities research analysts predict that The Progressive Co. will post 4.76 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, July 7th will be given a $ 0.10 dividend. This represents a $ 0.40 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Wednesday, July 6th. Progressive dividend payout ratio is presently 10.87%.
Progressive declared that its board has authorized a share buyback plan on Wednesday, May 18th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company leadership believes its shares are undervalued.
Several equities analysts have weighed in on PGR shares. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $ 85.00 to $ 115.00 in a research note on Monday, May 9th. Wells Fargo & Company increased their target price on Progressive from $ 88.00 to $ 96.00 and gave the company an “underweight” rating in a research note on Tuesday, April 12th. Citigroup assumed coverage on Progressive in a research note on Monday, May 23rd. They issued a “sell” rating and a $ 93.00 target price on the stock. StockNews.com assumed coverage on Progressive in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group lowered Progressive from a “buy” rating to a “neutral” rating and set a $ 116.00 price target on the stock. in a research report on Wednesday, March 2nd. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $ 105.29.
In other Progressive news, insider Patrick K. Callahan sold 3,231 shares of the firm’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $ 112.87, for a total value of $ 364,682.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel P. Mascaro sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $ 112.94, for a total value of $ 63,020.52. Following the completion of the transaction, the insider now owns 38,887 shares of the company stock, valued at $ 4,391,897.78. The disclosure for this sale can be found here. In the last three months, insiders sold 26,482 shares of company stock worth $ 3,084,040. 0.37% of the stock is owned by insiders.
About Progressive: (Get Rating)
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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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