UniSuper Management Pty Ltd Decreases Position in The Progressive Co. (NYSE:PGR)

UniSuper Management Pty Ltd reduced its stake in The Progressive Co. (NYSE:PGR) by 23.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,109 shares of the insurance provider’s stock after selling 10,978 shares during the period. UniSuper Management Pty Ltd’s holdings in Progressive were worth $8,652,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GQG Partners LLC grew its position in shares of Progressive by 67.6% in the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock valued at $1,239,143,000 after buying an additional 2,085,833 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Progressive during the fourth quarter worth about $408,416,000. Geode Capital Management LLC increased its position in shares of Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after purchasing an additional 641,943 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock valued at $12,795,262,000 after purchasing an additional 583,376 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.8 %

Shares of NYSE:PGR opened at $274.73 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a market cap of $161.05 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 1.70 and a beta of 0.35. The stock’s 50-day moving average price is $264.61 and its two-hundred day moving average price is $255.62. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, research analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s payout ratio is 2.78%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Saturday, March 22nd. Bank of America cut their target price on shares of Progressive from $318.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Morgan Stanley increased their price target on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Barclays lifted their price objective on shares of Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a research note on Thursday, March 13th. Finally, Wells Fargo & Company increased their target price on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $281.06.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,255 shares of company stock valued at $16,877,471. 0.34% of the stock is currently owned by company insiders.

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.