Allspring Global Investments Holdings LLC Sells 32,364 Shares of The Progressive Co. (NYSE:PGR)

Allspring Global Investments Holdings LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 3.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 985,203 shares of the insurance provider’s stock after selling 32,364 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.17% of Progressive worth $237,051,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Webster Bank N. A. purchased a new position in Progressive during the 4th quarter worth $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive in the fourth quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 41 shares during the last quarter. Valley National Advisers Inc. increased its holdings in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. raised its position in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PGR shares. TD Cowen boosted their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, Wells Fargo & Company raised their price objective on Progressive from $302.00 to $313.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.71.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

NYSE:PGR opened at $257.82 on Wednesday. The stock has a market capitalization of $151.03 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42. The Progressive Co. has a 52 week low of $180.72 and a 52 week high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The stock’s 50-day moving average price is $244.96 and its 200-day moving average price is $246.28.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities analysts expect that The Progressive Co. will post 14.44 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.78%.

Progressive Company Profile

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.