Stephens Inc. AR Sells 351 Shares of The Progressive Co. (NYSE:PGR)

Stephens Inc. AR cut its stake in The Progressive Co. (NYSE:PGRFree Report) by 1.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,773 shares of the insurance provider’s stock after selling 351 shares during the period. Stephens Inc. AR’s holdings in Progressive were worth $3,149,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Pinebridge Investments L.P. boosted its holdings in Progressive by 76.3% in the 4th quarter. Pinebridge Investments L.P. now owns 70,615 shares of the insurance provider’s stock valued at $11,250,000 after purchasing an additional 30,552 shares during the period. Cibc World Markets Corp lifted its holdings in shares of Progressive by 44.3% during the 4th quarter. Cibc World Markets Corp now owns 135,691 shares of the insurance provider’s stock worth $21,613,000 after acquiring an additional 41,682 shares during the period. 1832 Asset Management L.P. lifted its holdings in shares of Progressive by 237.8% during the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after acquiring an additional 1,045,883 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Progressive by 227.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 91,915 shares of the insurance provider’s stock worth $14,640,000 after acquiring an additional 63,846 shares during the period. Finally, Lake Street Advisors Group LLC bought a new position in shares of Progressive during the 4th quarter worth about $981,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Steven Broz sold 7,361 shares of the business’s 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 $7,357,996.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the company’s 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 7,361 shares of the company’s 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. Insiders sold a total of 20,818 shares of company stock valued at $4,280,482 over the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $212.53 on Friday. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77. The firm’s 50 day moving average is $209.53 and its 200-day moving average is $188.67. The firm has a market capitalization of $124.48 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 0.81 and a beta of 0.35. 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 quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The business 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%. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. Sell-side analysts forecast that The Progressive Co. will post 11.64 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

PGR has been the subject of a number of analyst reports. BMO Capital Markets raised their price objective on shares of Progressive from $234.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Bank of America boosted their price target on shares of Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Roth Mkm boosted their price target on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Morgan Stanley boosted their price target on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $215.19.

Check Out Our Latest Analysis on PGR

About Progressive

(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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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