The Progressive Co. (NYSE:PGR) Shares Sold by Capital Investment Advisory Services LLC

Capital Investment Advisory Services LLC reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,257 shares of the insurance provider’s stock after selling 68 shares during the period. Capital Investment Advisory Services LLC’s holdings in Progressive were worth $519,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PGR. Wellington Management Group LLP grew its holdings in Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after acquiring an additional 2,666,449 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Progressive by 31.8% in the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after acquiring an additional 1,154,591 shares in the last quarter. Parnassus Investments LLC boosted its holdings in shares of Progressive by 102.9% in the third quarter. Parnassus Investments LLC now owns 2,131,601 shares of the insurance provider’s stock valued at $296,932,000 after acquiring an additional 1,080,834 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Progressive by 10.5% in the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after acquiring an additional 655,706 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in Progressive during the third quarter worth approximately $88,528,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’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 value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders sold 39,139 shares of company stock valued at $7,458,139 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Bank of America decreased their price target on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. UBS Group lifted their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Citigroup lifted their price target on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Finally, The Goldman Sachs Group boosted their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Stock Down 0.8 %

Progressive stock opened at $213.00 on Tuesday. The firm has a market cap of $124.75 billion, a PE ratio of 21.80, a P/E/G ratio of 0.85 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The firm’s 50 day moving average price is $200.53 and its two-hundred day moving average price is $176.08. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $216.21.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.65 EPS. On average, research analysts predict that The Progressive Co. will post 11.22 EPS for the current fiscal year.

Progressive Announces Dividend

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

Progressive 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.