TCTC Holdings LLC Grows Holdings in The Progressive Corporation $PGR

TCTC Holdings LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 29.7% in the 4th quarter, Holdings Channel reports. The firm owned 10,914 shares of the insurance provider’s stock after purchasing an additional 2,498 shares during the quarter. TCTC Holdings LLC’s holdings in Progressive were worth $2,485,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PGR. Norges Bank purchased a new position in Progressive in the 4th quarter worth about $1,836,094,000. Capital International Investors boosted its position in Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after buying an additional 6,045,732 shares during the period. Capital Research Global Investors grew its stake in Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after acquiring an additional 2,314,864 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in Progressive in the 4th quarter worth about $353,906,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Progressive during the fourth quarter worth approximately $185,761,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of NYSE:PGR opened at $202.41 on Friday. The firm has a 50 day moving average of $199.01 and a 200 day moving average of $208.09. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $118.27 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 5.92 and a beta of 0.28. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $269.84.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $4.37 EPS. On average, sell-side analysts predict that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,343 shares of company stock worth $1,470,355 over the last quarter. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a report on Friday, May 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. Morgan Stanley lowered their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Barclays set a $247.00 price target on Progressive in a research report on Wednesday, March 18th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus price target of $238.11.

Progressive Profile

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.