WealthTrust Asset Management LLC lowered its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 4.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,984 shares of the insurance provider’s stock after selling 185 shares during the period. WealthTrust Asset Management LLC’s holdings in Progressive were worth $955,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in PGR. Impax Asset Management Group plc raised its stake in Progressive by 24.9% during the 3rd quarter. Impax Asset Management Group plc now owns 65,471 shares of the insurance provider’s stock worth $16,614,000 after buying an additional 13,047 shares during the period. CIBC Asset Management Inc grew its holdings in shares of Progressive by 9.6% in the third quarter. CIBC Asset Management Inc now owns 89,358 shares of the insurance provider’s stock valued at $22,675,000 after acquiring an additional 7,797 shares in the last quarter. Mizuho Securities USA LLC increased its position in Progressive by 33.0% in the third quarter. Mizuho Securities USA LLC now owns 60,040 shares of the insurance provider’s stock worth $15,236,000 after buying an additional 14,885 shares during the last quarter. Natixis Advisors LLC increased its position in Progressive by 0.4% in the third quarter. Natixis Advisors LLC now owns 746,017 shares of the insurance provider’s stock worth $189,309,000 after buying an additional 2,610 shares during the last quarter. Finally, Paragon Advisors LLC grew its position in shares of Progressive by 0.8% in the third quarter. Paragon Advisors LLC now owns 16,338 shares of the insurance provider’s stock valued at $4,146,000 after purchasing an additional 124 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.
Insider Transactions at Progressive
In other news, insider Patrick K. Callahan sold 4,669 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares in the company, valued at approximately $4,248,922.70. This represents a 23.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CIO Jonathan S. Bauer sold 1,227 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $281.00, for a total transaction of $344,787.00. Following the completion of the transaction, the executive now owns 28,393 shares in the company, valued at approximately $7,978,433. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,257 shares of company stock valued at $15,752,781 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.
Progressive Trading Up 1.6 %
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.
Progressive Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive’s dividend payout ratio is currently 2.78%.
Analyst Ratings Changes
Several equities research analysts recently issued reports on PGR shares. Morgan Stanley lifted their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. Roth Mkm boosted their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods reduced their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $281.76.
Get Our Latest Report on Progressive
About Progressive
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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