London Co. of Virginia Sells 56,431 Shares of The Progressive Corporation $PGR

London Co. of Virginia trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 3.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,692,345 shares of the insurance provider’s stock after selling 56,431 shares during the period. Progressive makes up 2.2% of London Co. of Virginia’s portfolio, making the stock its 8th biggest holding. London Co. of Virginia’s holdings in Progressive were worth $385,386,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Klingman & Associates LLC boosted its stake in 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 buying an additional 48 shares during the last quarter. Revisor Wealth Management LLC boosted its stake 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 buying an additional 50 shares during the last quarter. Cullen Investment Group LTD. boosted its stake 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 buying an additional 52 shares during the last quarter. Pines Wealth Management LLC boosted its stake 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 buying an additional 52 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC boosted its stake in Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after buying an additional 52 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target on Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $238.11.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,157 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares in the company, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,343 shares of company stock worth $1,470,355 in the last three months. 0.32% of the stock is currently owned by company insiders.

Progressive Stock Performance

Progressive stock opened at $204.70 on Wednesday. The stock’s 50-day moving average is $199.56 and its 200-day moving average is $207.60. The company has a market cap of $119.61 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 5.90 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $267.92.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $4.37 EPS. Equities analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Announces Dividend

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

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.