The Progressive Co. (NYSE:PGR) Position Lessened by D.A. Davidson & CO.

D.A. Davidson & CO. cut its position in shares of The Progressive Co. (NYSE:PGR) by 6.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 16,464 shares of the insurance provider’s stock after selling 1,073 shares during the quarter. D.A. Davidson & CO.’s holdings in Progressive were worth $2,622,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in shares of Progressive in the fourth quarter worth about $1,078,831,000. Wellington Management Group LLP increased its position in shares of Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after buying an additional 2,666,449 shares in the last quarter. Invesco Ltd. raised its stake in shares of Progressive by 31.8% in the 3rd quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after purchasing an additional 1,154,591 shares during the period. Parnassus Investments LLC raised its stake in shares of Progressive by 102.9% in the 3rd quarter. Parnassus Investments LLC now owns 2,131,601 shares of the insurance provider’s stock valued at $296,932,000 after purchasing an additional 1,080,834 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Progressive in the third quarter valued at about $88,528,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PGR shares. Bank of America lifted 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. UBS Group increased their target price on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. The Goldman Sachs Group raised their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Piper Sandler restated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $215.19.

Progressive Stock Up 0.4 %

Shares of NYSE PGR traded up $0.73 during mid-day trading on Friday, reaching $203.91. 1,721,272 shares of the company traded hands, compared to its average volume of 2,403,198. The stock has a market cap of $119.43 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 0.78 and a beta of 0.34. The company’s fifty day moving average is $208.92 and its two-hundred day moving average is $185.22. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS 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 analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 earnings per share. On average, analysts expect that The Progressive Co. will post 11.63 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 16,825 shares of company stock valued at $3,337,741 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

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.