Jennison Associates LLC Sells 22,865 Shares of The Progressive Corporation $PGR

Jennison Associates LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 40.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,268 shares of the insurance provider’s stock after selling 22,865 shares during the period. Jennison Associates LLC’s holdings in Progressive were worth $7,576,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter valued at $25,000. Dagco Inc. bought a new stake in shares of Progressive during the 4th quarter worth $28,000. Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Bangor Savings Bank raised its stake in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares during the period. Finally, Riverview Trust Co raised its stake in shares of Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 53 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Barclays set a $247.00 target price on Progressive in a research note on Wednesday, March 18th. Morgan Stanley lowered their price objective on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Mizuho lowered their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Roth Mkm set a $235.00 price objective on Progressive in a research note on Thursday, February 19th. Finally, Argus upgraded Progressive to a “hold” rating in a research note on Thursday, March 5th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $238.39.

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,933 shares of company stock worth $1,441,564 over the last three months. Company insiders own 0.32% of the company’s stock.

Progressive Stock Down 0.8%

PGR stock opened at $199.60 on Friday. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $116.76 billion, a PE ratio of 10.15, a PEG ratio of 6.58 and a beta of 0.31. The Progressive Corporation has a twelve month low of $192.02 and a twelve month high of $289.96. The stock has a 50-day simple moving average of $203.18 and a two-hundred day simple moving average of $212.21.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.37 EPS. On average, equities analysts predict that The Progressive Corporation will post 16.38 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

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.