Capital One National Association Cuts Stake in Progressive Corp (PGR)
Capital One National Association trimmed its position in Progressive Corp (NYSE:PGR) by 40.6% during the fourth quarter, HoldingsChannel reports. The firm owned 15,153 shares of the insurance provider’s stock after selling 10,361 shares during the quarter. Capital One National Association’s holdings in Progressive were worth $854,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of PGR. Artisan Partners Limited Partnership lifted its holdings in shares of Progressive by 23.8% in the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock valued at $694,793,000 after purchasing an additional 2,762,934 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Progressive by 55.9% in the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after purchasing an additional 2,687,224 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Progressive by 40.0% in the third quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock valued at $438,742,000 after purchasing an additional 2,588,522 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Progressive by 49.2% in the third quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock valued at $328,303,000 after purchasing an additional 2,234,425 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its holdings in shares of Progressive by 1,833.1% in the third quarter. Eagle Asset Management Inc. now owns 1,214,051 shares of the insurance provider’s stock valued at $59,524,000 after purchasing an additional 1,151,248 shares in the last quarter. Institutional investors own 78.27% of the company’s stock.
A number of analysts have recently commented on PGR shares. Keefe, Bruyette & Woods restated a “buy” rating and issued a $60.00 price target on shares of Progressive in a report on Wednesday, December 6th. Goldman Sachs Group began coverage on Progressive in a report on Monday, December 4th. They issued a “buy” rating and a $57.00 price target on the stock. UBS Group reiterated a “buy” rating and set a $62.00 target price on shares of Progressive in a report on Friday, December 1st. MKM Partners upped their target price on Progressive to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. Finally, Morgan Stanley upped their target price on Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $50.53.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The business’s revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 earnings per share. analysts expect that Progressive Corp will post 3.41 EPS for the current fiscal year.
The firm also recently declared an annual dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, February 2nd were given a dividend of $1.125 per share. This represents a yield of 0.0203325501536237%. The ex-dividend date of this dividend was Thursday, February 1st. Progressive’s dividend payout ratio (DPR) is presently 41.03%.
In other Progressive news, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the transaction, the insider now owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.56% of the stock is owned by insiders.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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