Bristol John W & Co. Inc. NY Decreases Position in The Progressive Co. (NYSE:PGR)

Bristol John W & Co. Inc. NY reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 371,429 shares of the insurance provider’s stock after selling 18,809 shares during the quarter. Bristol John W & Co. Inc. NY owned 0.06% of Progressive worth $59,161,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Compass Ion Advisors LLC grew its holdings in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after acquiring an additional 62 shares in the last quarter. Quent Capital LLC boosted its holdings in Progressive by 19.3% in the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 69 shares during the last quarter. BSW Wealth Partners increased its position in shares of Progressive by 4.2% in the 4th quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after purchasing an additional 69 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its stake in shares of Progressive by 2.2% in the 4th quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock valued at $515,000 after purchasing an additional 70 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 5,939 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares in the company, valued at $78,821,329.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Progressive news, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the sale, the insider now owns 27,921 shares in the company, valued at approximately $4,725,350.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 5,939 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the transaction, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $78,821,329.88. The disclosure for this sale can be found here. Insiders have sold 44,629 shares of company stock valued at $8,348,176 in the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR traded up $1.64 during trading on Friday, reaching $203.90. The company had a trading volume of 5,368,049 shares, compared to its average volume of 2,779,024. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $212.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $119.42 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 0.88 and a beta of 0.35. The firm’s fifty day moving average is $197.15 and its 200 day moving average is $172.90.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.53. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the company posted $0.65 EPS. On average, equities analysts forecast that The Progressive Co. will post 10.5 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.20%. Progressive’s dividend payout ratio (DPR) is 4.09%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PGR shares. Bank of America lowered their price objective on Progressive from $265.00 to $264.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. Roth Mkm raised their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Wells Fargo & Company raised their target price on shares of Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Morgan Stanley upped their target price on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $196.56.

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.