Dakota Wealth Management purchased a new stake in shares of Progressive Corp (NYSE:PGR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 26,710 shares of the insurance provider’s stock, valued at approximately $1,927,000.
Several other institutional investors have also recently made changes to their positions in the company. PCJ Investment Counsel Ltd. purchased a new position in Progressive in the fourth quarter valued at about $1,985,000. Retirement Systems of Alabama grew its stake in Progressive by 0.5% in the first quarter. Retirement Systems of Alabama now owns 654,987 shares of the insurance provider’s stock valued at $47,218,000 after purchasing an additional 2,985 shares during the last quarter. Picton Mahoney Asset Management grew its stake in Progressive by 3.7% in the fourth quarter. Picton Mahoney Asset Management now owns 306,700 shares of the insurance provider’s stock valued at $18,503,000 after purchasing an additional 10,900 shares during the last quarter. Bank of Montreal Can grew its stake in Progressive by 35.1% in the fourth quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock valued at $197,463,000 after purchasing an additional 850,970 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Progressive by 1.4% during the third quarter. Legal & General Group Plc now owns 2,832,561 shares of the insurance provider’s stock worth $201,225,000 after acquiring an additional 37,940 shares during the last quarter. Hedge funds and other institutional investors own 80.76% of the company’s stock.
A number of equities research analysts have recently weighed in on PGR shares. Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Monday, April 22nd. UBS Group boosted their price target on Progressive from $85.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Buckingham Research set a $64.00 price target on Progressive and gave the stock a “hold” rating in a research note on Monday, May 13th. Wells Fargo & Co restated a “hold” rating and set a $73.00 price target on shares of Progressive in a research note on Wednesday, March 13th. Finally, Citigroup lifted their target price on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 14th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $79.83.
In other Progressive news, insider Michael D. Sieger sold 7,500 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $79.16, for a total transaction of $593,700.00. Following the completion of the transaction, the insider now owns 68,969 shares of the company’s stock, valued at $5,459,586.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Friday, May 17th. The shares were sold at an average price of $78.07, for a total value of $936,840.00. Following the completion of the sale, the chief financial officer now directly owns 347,815 shares of the company’s stock, valued at approximately $27,153,917.05. The disclosure for this sale can be found here. Insiders have sold a total of 145,850 shares of company stock worth $11,143,382 in the last 90 days. 0.39% of the stock is currently owned by company insiders.
NYSE:PGR traded up $0.38 during trading hours on Wednesday, reaching $80.45. The company had a trading volume of 2,439,379 shares, compared to its average volume of 3,147,585. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $80.53. The company has a market capitalization of $46.74 billion, a PE ratio of 18.20, a PEG ratio of 2.04 and a beta of 0.79. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The business had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same period in the previous year, the business earned $1.22 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts predict that Progressive Corp will post 5.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.50%. Progressive’s dividend payout ratio is presently 9.05%.
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Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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