The Progressive Corporation $PGR Stock Holdings Lowered by Geode Capital Management LLC

Geode Capital Management LLC decreased its stake in shares of The Progressive Corporation (NYSE:PGR) by 0.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 15,612,584 shares of the insurance provider’s stock after selling 47,224 shares during the period. Geode Capital Management LLC’s holdings in Progressive were worth $3,547,959,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dagco Inc. acquired a new stake in Progressive in the 4th quarter valued at about $28,000. Ameriflex Group Inc. lifted its holdings in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. Entrust Financial LLC acquired a new stake in Progressive in the 4th quarter valued at about $33,000. Kingdom Financial Group LLC. acquired a new stake in Progressive in the 4th quarter valued at about $34,000. Finally, Bangor Savings Bank lifted its holdings in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 58 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on PGR shares. Citigroup reduced their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Argus raised shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. Roth Mkm set a $235.00 price objective on shares of Progressive in a research note on Thursday, February 19th. BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price objective on shares of Progressive in a research note on Wednesday, May 20th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $238.11.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 3,517 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider owned 32,348 shares in the company, valued at $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 3,928 shares of company stock worth $831,251. Corporate insiders own 0.32% of the company’s stock.

Progressive Trading Down 0.9%

NYSE:PGR opened at $197.00 on Thursday. The stock’s 50 day moving average price is $200.07 and its 200 day moving average price is $210.03. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The company has a market capitalization of $115.12 billion, a P/E ratio of 10.02, a P/E/G ratio of 7.28 and a beta of 0.31. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the prior year, the company posted $4.37 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. On average, research analysts forecast that The Progressive Corporation will post 16.36 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is 2.03%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.