Avalon Advisors LLC lifted its stake in Progressive Corp (NYSE:PGR) by 21.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 221,708 shares of the insurance provider’s stock after buying an additional 39,333 shares during the period. Avalon Advisors LLC’s holdings in Progressive were worth $13,376,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of PGR. Oregon Public Employees Retirement Fund raised its holdings in shares of Progressive by 4,886.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock worth $161,000 after buying an additional 9,515,013 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Progressive by 493.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,228,119 shares of the insurance provider’s stock worth $229,325,000 after buying an additional 2,683,854 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Progressive by 5.2% in the 3rd quarter. BlackRock Inc. now owns 41,533,608 shares of the insurance provider’s stock worth $2,950,547,000 after buying an additional 2,048,705 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Progressive by 20.0% in the 3rd quarter. Renaissance Technologies LLC now owns 8,511,700 shares of the insurance provider’s stock worth $604,671,000 after buying an additional 1,416,800 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its holdings in shares of Progressive by 134.3% in the 3rd quarter. Panagora Asset Management Inc. now owns 2,334,404 shares of the insurance provider’s stock worth $165,836,000 after buying an additional 1,338,224 shares in the last quarter. 79.85% of the stock is owned by institutional investors and hedge funds.
PGR has been the subject of a number of recent research reports. Buckingham Research raised Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 target price for the company in a report on Monday, November 19th. B. Riley raised Progressive from a “neutral” rating to a “buy” rating and increased their target price for the stock from $71.00 to $81.00 in a report on Tuesday, December 11th. Wells Fargo & Co set a $69.00 target price on Progressive and gave the stock a “hold” rating in a report on Wednesday, December 12th. Credit Suisse Group set a $79.00 target price on Progressive and gave the stock a “buy” rating in a report on Friday, December 14th. Finally, Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $72.50.
PGR stock opened at $72.86 on Friday. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $73.78. The firm has a market cap of $42.96 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 1.98 and a beta of 0.78. The company has a quick ratio of 0.32, a current ratio of 0.36 and a debt-to-equity ratio of 0.43.
Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.83%. The business had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period in the prior year, the business earned $0.98 earnings per share. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. As a group, equities research analysts expect that Progressive Corp will post 5.07 EPS for the current fiscal year.
The firm also recently declared an annual dividend, which will be paid on Monday, April 15th. Investors of record on Friday, April 5th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a yield of 0.14%. Progressive’s dividend payout ratio is 56.79%.
In other Progressive news, insider Steven Broz sold 2,500 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $72.93, for a total value of $182,325.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Friday, January 25th. The shares were sold at an average price of $65.27, for a total value of $783,240.00. Following the completion of the transaction, the chief financial officer now owns 392,019 shares in the company, valued at $25,587,080.13. The disclosure for this sale can be found here. Insiders sold a total of 108,048 shares of company stock worth $7,201,719 over the last quarter. Corporate insiders own 0.70% of the company’s stock.
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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