Pinebridge Investments L.P. Raises Stake in The Progressive Co. (NYSE:PGR)

Pinebridge Investments L.P. raised its position in The Progressive Co. (NYSE:PGRFree Report) by 76.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,615 shares of the insurance provider’s stock after acquiring an additional 30,552 shares during the quarter. Pinebridge Investments L.P.’s holdings in Progressive were worth $11,250,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Sachetta LLC purchased a new stake in shares of Progressive during the 4th quarter worth approximately $25,000. Valley National Advisers Inc. lifted its position in shares of Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $39,000. Criterion Capital Advisors LLC purchased a new stake in shares of Progressive during the 4th quarter worth approximately $47,000. Finally, BOK Financial Private Wealth Inc. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the sale, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the sale, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 7,361 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,818 shares of company stock valued at $4,280,482. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

Shares of NYSE:PGR traded up $0.59 on Thursday, reaching $213.20. 1,756,250 shares of the company were exchanged, compared to its average volume of 2,570,546. The company has a 50-day moving average of $209.42 and a 200-day moving average of $188.30. The firm has a market cap of $124.87 billion, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $217.77. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 EPS. Equities analysts forecast that The Progressive Co. will post 11.65 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Progressive from $234.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. Wells Fargo & Company reduced their price target on shares of Progressive from $244.00 to $243.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. The Goldman Sachs Group upped their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Finally, JPMorgan Chase & Co. upped their price target on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $215.19.

Check Out Our Latest Report on PGR

Progressive Profile

(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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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