Metropolitan Life Insurance Co NY raised its holdings in The Progressive Co. (NYSE: PGR – Get Rating) by 18.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,864 shares of the insurance provider’s stock after buying an additional 10,502 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Progressive were worth $ 6,864,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Amalgamated Bank lifted its position in shares of Progressive by 9.9% during the 4th quarter. Amalgamated Bank now owns 176,128 shares of the insurance provider’s stock worth $ 18,080,000 after purchasing an additional 15,878 shares during the last quarter. HB Wealth Management LLC purchased a new stake in Progressive in the fourth quarter valued at $ 416,000. West Family Investments Inc. purchased a new stake in Progressive in the fourth quarter valued at $ 220,000. BOK Financial Private Wealth Inc. purchased a new stake in Progressive in the fourth quarter valued at $ 260,000. Finally, Flputnam Investment Management Co. lifted its position in Progressive by 12.8% in the fourth quarter. Flputnam Investment Management Co. now owns 3,295 shares of the insurance provider’s stock valued at $ 338,000 after acquiring an additional 375 shares during the last quarter. 83.68% of the stock is owned by institutional investors.
In related news, CEO Susan Patricia Griffith sold 46,735 shares of the company stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of $ 110.26, for a total transaction of $ 5,153,001.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel P. Mascaro sold 558 shares of the company stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $ 113.59, for a total transaction of $ 63,383.22. Following the transaction, the insider now directly owns 39,445 shares of the company stock, valued at approximately $ 4,480,557.55. The disclosure for this sale can be found here. Insiders have sold 73,217 shares of company stock worth $ 8,237,041 in the last three months. Insiders own 0.33% of the company stock.
A number of research firms have commented on PGR. Barclays lifted their price objective on shares of Progressive from $ 88.00 to $ 90.00 and gave the company an “underweight” rating in a research note on Thursday, May 19th. Credit Suisse Group began coverage on shares of Progressive in a research note on Thursday, April 28th. They issued a “neutral” rating and a $ 124.00 price objective on the stock. UBS Group lowered shares of Progressive from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $ 106.00 to $ 114.00 in a research note on Monday, February 14th. They noted that the move was a valuation call. Piper Sandler lowered shares of Progressive from a “neutral” rating to an “underweight” rating and dropped their objective price for the company from $ 113.00 to $ 100.00 in a research note on Monday, April 18th. Finally, Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $ 85.00 to $ 115.00 in a research note on Monday, May 9th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $ 106.47.
Shares of NYSE PGR opened at $ 113.56 on Monday. The Progressive Co. has a 12-month low of $ 89.35 and a 12-month high of $ 121.36. The company has a market capitalization of $ 66.42 billion, a PE ratio of 30.86, a price-to-earnings-growth ratio of 1.38 and a beta of 0.49. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.33 and a quick ratio of 0.33. The firm’s 50-day moving average is $ 113.54 and its two-hundred day moving average is $ 108.41.
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). The business had revenue of $ 12.29 billion during the quarter, compared to analysts’ expectations of $ 12.24 billion. Progressive had a net margin of 4.54% and a return on equity of 12.85%. On average, analysts forecast that The Progressive Co. will post 4.76 EPS for the current fiscal year.
Progressive announced that its board has initiated a stock repurchase program on Wednesday, May 18th that allows the company to repurchase 25,000,000 shares. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, July 7th will be paid a dividend of $ 0.10 per share. This represents a $ 0.40 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend is Wednesday, July 6th. Progressive’s payout ratio is 10.87%.
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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