Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its holdings in The Progressive Co. (NYSE: PGR – Get Rating) by 90.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,112 shares of the insurance provider’s stock after purchasing an additional 1,005 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Progressive were worth $ 241,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Norges Bank bought a new stake in shares of Progressive during the 4th quarter worth approximately $ 560,913,000. Victory Capital Management Inc. lifted its holdings in shares of Progressive by 425.0% during the 4th quarter. Victory Capital Management Inc. now owns 2,893,646 shares of the insurance provider’s stock worth $ 297,033,000 after acquiring an additional 2,342,430 shares during the period. BlackRock Inc. lifted its holdings in shares of Progressive by 3.1% during the 4th quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock worth $ 4,700,376,000 after acquiring an additional 1,393,588 shares during the period. Alliancebernstein LP lifted its holdings in shares of Progressive by 15.8% during the 4th quarter. Alliancebernstein LP now owns 8,824,278 shares of the insurance provider’s stock worth $ 905,812,000 after acquiring an additional 1,205,937 shares during the period. Finally, Ceredex Value Advisors LLC lifted its holdings in shares of Progressive by 107.9% during the 4th quarter. Ceredex Value Advisors LLC now owns 1,970,541 shares of the insurance provider’s stock worth $ 202,276,000 after acquiring an additional 1,022,891 shares during the period. 83.68% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on PGR. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $ 85.00 to $ 115.00 in a report on Monday, May 9th. Barclays upped their price target on shares of Progressive from $ 88.00 to $ 90.00 and gave the stock an “underweight” rating in a research report on Thursday, May 19th. Keefe, Bruyette & Woods upgraded shares of Progressive from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $ 96.00 to $ 107.00 in a research report on Thursday. Jefferies Financial Group upgraded shares of Progressive from an “underperform” rating to a “hold” rating and upped their price objective for the stock from $ 99.00 to $ 106.00 in a research report on Tuesday, May 10th. Finally, Citigroup initiated coverage on shares of Progressive in a research report on Monday, May 23rd. They set a “sell” rating and a $ 93.00 price objective for the company. Five research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $ 107.23.
In other news, Director Jeffrey D. Kelly sold 10,000 shares of the company stock in a transaction on Monday, April 4th. The shares were sold at an average price of $ 115.00, for a total value of $ 1,150,000.00. Following the sale, the director now directly owns 58,720 shares of the company stock, valued at approximately $ 6,752,800. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Daniel P. Mascaro sold 558 shares of the company stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $ 112.94, for a total transaction of $ 63,020.52. Following the completion of the sale, the insider now directly owns 38,887 shares in the company, valued at $ 4,391,897.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,251 shares of company stock worth $ 2,719,357. Insiders own 0.37% of the company stock.
Shares of NYSE PGR opened at $ 115.99 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.33 and a current ratio of 0.33. The Progressive Co. has a 52-week low of $ 89.35 and a 52-week high of $ 121.36. The firm has a 50 day moving average price of $ 112.79 and a two-hundred day moving average price of $ 109.38. The stock has a market cap of $ 67.84 billion, a P / E ratio of 31.52, a price-to-earnings-growth ratio of 1.38 and a beta of 0.49.
Progressive (NYSE: PGR – Get Rating) last announced its quarterly earnings results on Thursday, April 14th. The insurance provider reported $ 1.12 earnings per share (EPS) for the quarter, missing the estimate consensus of $ 1.24 by ($ 0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The business had revenue of $ 12.29 billion during the quarter, compared to analyst estimates of $ 12.24 billion. Analysts predict that The Progressive Co. will post 4.7 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, July 7th will be paid a $ 0.10 dividend. This represents a $ 0.40 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Wednesday, July 6th. Progressive dividend payout ratio is currently 10.87%.
Progressive declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 18th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company leadership believes its shares are undervalued.
Progressive Profile: (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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