Arden Trust Co decreased its holdings in shares of The Progressive Co. (NYSE: PGR – Get Rating) by 6.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,058 shares of the insurance provider’s stock after selling 403 shares during the period. Arden Trust Co’s holdings in Progressive were worth $ 691,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Progressive by 3.1% during the fourth quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock worth $ 4,700,376,000 after buying an additional 1,393,588 shares during the period. State Street Corp lifted its position 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 purchasing an additional 572,891 shares during the period. Capital World Investors lifted its position 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 purchasing an additional 134,593 shares during the period. Alliancebernstein LP lifted its position 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 purchasing an additional 1,205,937 shares during the period. Finally, Deutsche Bank AG lifted its position 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 purchasing an additional 115,724 shares during the period. Institutional investors and hedge funds own 83.68% of the company stock.
A number of equities research analysts recently commented on PGR shares. Citigroup started coverage on shares of Progressive in a research report on Monday, May 23rd. They issued a “sell” rating and a $ 93.00 price objective for the company. StockNews.com started coverage on shares of Progressive in a report on Thursday, March 31st. They issued a “hold” rating for the company. Morgan Stanley raised shares of 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 report on Monday, May 9th. Wells Fargo & Company increased their target price on shares of Progressive from $ 88.00 to $ 96.00 and gave the company an “underweight” rating in a report on Tuesday, April 12th. Finally, Piper Sandler cut shares of Progressive from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $ 113.00 to $ 100.00 in a report on Monday, April 18th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $ 105.29.
In other Progressive news, insider Daniel P. Mascaro sold 558 shares of Progressive 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 sale, the insider now directly owns 38,887 shares of the company stock, valued at approximately $ 4,391,897.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,067 shares of Progressive stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $ 112.59, for a total transaction of $ 120,133.53. Following the completion of the sale, the insider now directly owns 31,321 shares of the company stock, valued at $ 3,526,431.39. The disclosure for this sale can be found here. Insiders sold a total of 23,251 shares of company stock valued at $ 2,719,357 over the last ninety days. 0.33% of the stock is owned by corporate insiders.
Shares of PGR opened at $ 109.56 on Tuesday. 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 has a 50 day simple moving average of $ 112.87 and a 200-day simple moving average of $ 109.12. The Progressive Co. has a 1-year low of $ 89.35 and a 1-year high of $ 121.36. The stock has a market cap of $ 64.08 billion, a price-to-earnings ratio of 29.77, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49.
Progressive (NYSE: PGR – Get Rating) last issued its quarterly earnings data on Thursday, April 14th. The insurance provider reported $ 1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $ 1.24 by ($ 0.12). The business had revenue of $ 12.29 billion for the quarter, compared to analysts’ expectations of $ 12.24 billion. Progressive had a return on equity of 12.85% and a net margin of 4.54%. On average, equities analysts expect that The Progressive Co. will post 4.76 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, July 7th will be paid a $ 0.10 dividend. The ex-dividend date is Wednesday, July 6th. This represents a $ 0.40 annualized dividend and a yield of 0.37%. Progressive’s payout ratio is currently 10.87%.
Progressive declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 18th that authorizes the company to repurchase 25,000,000 outstanding shares. This repurchase authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company leadership believes its shares are undervalued.
Progressive Company 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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