SVB Wealth LLC Sells 610 Shares of The Progressive Co. (NYSE:PGR)

SVB Wealth LLC decreased its position in shares of The Progressive Co. (NYSE:PGR) by 1.6% during the 4th quarter, HoldingsChannel reports. The fund owned 37,417 shares of the insurance provider’s stock after selling 610 shares during the period. SVB Wealth LLC’s holdings in Progressive were worth $5,960,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Giverny Capital Inc. boosted its holdings in shares of Progressive by 2.9% during the 3rd quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock valued at $69,849,000 after acquiring an additional 14,022 shares in the last quarter. AIA Group Ltd boosted its holdings in shares of Progressive by 4.9% during the 3rd quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider’s stock valued at $21,651,000 after acquiring an additional 7,268 shares in the last quarter. Invesco LLC boosted its holdings in shares of Progressive by 2.0% during the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after acquiring an additional 70 shares in the last quarter. First Affirmative Financial Network acquired a new stake in shares of Progressive during the 4th quarter valued at $295,000. Finally, Bensler LLC boosted its holdings in shares of Progressive by 13.1% during the 4th quarter. Bensler LLC now owns 50,378 shares of the insurance provider’s stock valued at $8,024,000 after acquiring an additional 5,848 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PGR shares. Citigroup raised their price objective on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a report on Monday. Morgan Stanley lifted their target price on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Bank of America cut their target price on Progressive from $265.00 to $264.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. BMO Capital Markets lifted their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, Wells Fargo & Company lifted their price objective on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. 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 MarketBeat, Progressive has an average rating of “Hold” and an average target price of $208.31.

Progressive Stock Performance

Shares of Progressive stock opened at $208.35 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The business has a 50-day simple moving average of $198.20 and a 200 day simple moving average of $174.08. The firm has a market capitalization of $122.03 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 0.86 and a beta of 0.35. The Progressive Co. has a one year low of $111.41 and a one year high of $212.24.

Progressive (NYSE:PGR) last issued 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. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period in the previous year, the company posted $0.65 EPS. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, research analysts anticipate that The Progressive Co. will post 10.73 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s payout ratio is presently 4.09%.

Insider Transactions at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.