Intech Investment Management LLC Sells 197,581 Shares of The Progressive Corporation $PGR

Intech Investment Management LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR) by 51.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,160 shares of the insurance provider’s stock after selling 197,581 shares during the quarter. Intech Investment Management LLC’s holdings in Progressive were worth $42,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Klingman & Associates LLC increased its stake in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares in the last quarter. Wealthstream Advisors Inc. raised its holdings in Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock worth $274,000 after purchasing an additional 49 shares during the period. Revisor Wealth Management LLC raised its holdings in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 50 shares during the period. Cullen Investment Group LTD. raised its holdings in Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after purchasing an additional 52 shares during the period. Finally, Pines Wealth Management LLC raised its holdings in Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares during the period. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on PGR shares. Morgan Stanley decreased their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Citigroup decreased their target price on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Mizuho decreased their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Finally, Bank of America decreased their target price on Progressive from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, May 20th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive Trading Down 1.1%

Shares of PGR stock opened at $194.73 on Friday. The Progressive Corporation has a 52-week low of $191.75 and a 52-week high of $289.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a market capitalization of $113.79 billion, a PE ratio of 9.90, a PEG ratio of 7.20 and a beta of 0.31. The stock has a fifty day simple moving average of $199.89 and a two-hundred day simple moving average of $209.87.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the business posted $4.37 EPS. Progressive’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, analysts predict that The Progressive Corporation will post 16.37 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 3,517 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,928 shares of company stock valued at $831,251 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.