OneAscent Financial Services LLC Purchases 857 Shares of The Progressive Co. (NYSE:PGR)

OneAscent Financial Services LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 36.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,192 shares of the insurance provider’s stock after purchasing an additional 857 shares during the quarter. OneAscent Financial Services LLC’s holdings in Progressive were worth $765,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Progressive during the 4th quarter valued at $1,843,045,000. GQG Partners LLC lifted its position in Progressive by 67.6% during 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 acquiring an additional 2,085,833 shares during the period. Raymond James Financial Inc. bought a new stake in Progressive during the fourth quarter worth about $408,416,000. Geode Capital Management LLC grew its holdings in Progressive by 13.2% in 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 during the period. Finally, Vanguard Group Inc. increased its stake in shares of Progressive by 1.1% during the fourth 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 in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Devin C. Johnson sold 400 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the transaction, the director now owns 8,370 shares of the company’s stock, valued at approximately $2,302,084.80. This trade represents a 4.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 1,542 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the sale, the chief financial officer now directly owns 268,024 shares in the company, valued at $75,759,663.84. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,255 shares of company stock worth $17,250,271. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Bank of America cut their price target on Progressive from $318.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Barclays raised their price target on Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday, March 13th. Wells Fargo & Company upped their price target 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. Roth Mkm raised their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Finally, Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a research note on Thursday, December 26th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $281.06.

Progressive Price Performance

Shares of NYSE:PGR opened at $281.38 on Thursday. The firm has a market cap of $164.96 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 1.70 and a beta of 0.38. The firm has a fifty day moving average price of $267.83 and a 200 day moving average price of $256.52. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, sell-side analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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 of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 2.78%.

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.