Fisher Asset Management LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 11.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,398 shares of the insurance provider’s stock after purchasing an additional 1,101 shares during the period. Fisher Asset Management LLC’s holdings in Progressive were worth $1,349,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Progressive by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 49,886,303 shares of the insurance provider’s stock valued at $5,797,287,000 after purchasing an additional 520,346 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Progressive by 7.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 11,965,362 shares of the insurance provider’s stock worth $1,390,909,000 after acquiring an additional 806,366 shares during the period. Artisan Partners Limited Partnership grew its holdings in shares of Progressive by 0.7% during the 3rd quarter. Artisan Partners Limited Partnership now owns 9,823,219 shares of the insurance provider’s stock worth $1,141,556,000 after acquiring an additional 66,243 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Progressive by 6.2% during the 3rd quarter. Alliancebernstein L.P. now owns 8,823,941 shares of the insurance provider’s stock worth $1,025,430,000 after acquiring an additional 518,665 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Progressive by 15.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,142,690 shares of the insurance provider’s stock worth $713,841,000 after acquiring an additional 799,553 shares during the period. Hedge funds and other institutional investors own 83.19% of the company’s stock.
Progressive Stock Performance
PGR stock opened at $136.40 on Friday. The stock has a market capitalization of $79.84 billion, a PE ratio of 96.74, a price-to-earnings-growth ratio of 0.93 and a beta of 0.50. The Progressive Co. has a 12-month low of $106.95 and a 12-month high of $149.87. The company has a current ratio of 0.40, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock’s 50 day simple moving average is $141.30 and its 200 day simple moving average is $133.89.
Progressive (NYSE:PGR – Get Rating) last released its quarterly earnings results on Wednesday, January 25th. The insurance provider reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.01. The firm had revenue of $13.54 billion for the quarter, compared to analysts’ expectations of $13.33 billion. Progressive had a return on equity of 13.84% and a net margin of 1.64%. As a group, research analysts forecast that The Progressive Co. will post 5.8 earnings per share for the current fiscal year.
Progressive Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, April 14th. Stockholders of record on Thursday, April 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.29%. Progressive’s payout ratio is 28.37%.
Analysts Set New Price Targets
PGR has been the topic of a number of research analyst reports. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a report on Saturday, April 8th. Roth Capital reissued a “buy” rating on shares of Progressive in a research report on Wednesday, February 15th. Jefferies Financial Group boosted their price target on Progressive from $159.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 10th. Roth Mkm boosted their price target on Progressive from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Finally, Credit Suisse Group reissued a “neutral” rating and issued a $143.00 price target on shares of Progressive in a research report on Friday, April 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $147.60.
Insider Activity
In other news, insider Steven Broz sold 930 shares of the stock in a transaction on Friday, April 21st. The stock was sold at an average price of $137.79, for a total transaction of $128,144.70. Following the transaction, the insider now directly owns 27,251 shares of the company’s stock, valued at approximately $3,754,915.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mariann Wojtkun Marshall sold 472 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $138.67, for a total value of $65,452.24. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $552,045.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 930 shares of the company’s stock in a transaction on Friday, April 21st. The stock was sold at an average price of $137.79, for a total value of $128,144.70. Following the completion of the sale, the insider now owns 27,251 shares of the company’s stock, valued at $3,754,915.29. The disclosure for this sale can be found here. Insiders have sold 25,917 shares of company stock valued at $3,658,242 in the last ninety days. 0.34% of the stock is currently owned by company insiders.
Progressive Company Profile
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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.
Further Reading
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