DnB Asset Management AS Decreases Holdings in Progressive Corp (NYSE:PGR)

DnB Asset Management AS decreased its position in Progressive Corp (NYSE:PGR) by 6.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 165,125 shares of the insurance provider’s stock after selling 12,100 shares during the period. DnB Asset Management AS’s holdings in Progressive were worth $9,300,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PGR. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Progressive during the 2nd quarter valued at $101,000. Balentine LLC lifted its holdings in shares of Progressive by 3,273.0% during the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 2,422 shares during the last quarter. Fiduciary Trust Co. purchased a new stake in shares of Progressive during the 2nd quarter valued at $143,000. YorkBridge Wealth Partners LLC lifted its holdings in shares of Progressive by 12.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock valued at $165,000 after purchasing an additional 427 shares during the last quarter. Finally, Renaissance Investment Group LLC purchased a new stake in shares of Progressive during the 4th quarter valued at $223,000. Institutional investors own 79.40% of the company’s stock.

PGR has been the subject of several analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $58.00 price objective on shares of Progressive in a report on Friday, November 17th. B. Riley reissued a “hold” rating and issued a $46.00 target price on shares of Progressive in a research report on Wednesday, November 15th. Credit Suisse Group reissued a “hold” rating and issued a $48.00 target price on shares of Progressive in a research report on Friday, December 15th. MKM Partners upped their target price on Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Finally, Wells Fargo & Co set a $50.00 target price on Progressive and gave the company a “hold” rating in a research report on Wednesday, November 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Progressive presently has an average rating of “Hold” and a consensus target price of $50.53.

In related news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the transaction, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.56% of the company’s stock.

Progressive Corp (NYSE:PGR) traded down $0.34 during mid-day trading on Friday, hitting $53.24. 2,994,457 shares of the stock traded hands, compared to its average volume of 4,010,829. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.37. Progressive Corp has a twelve month low of $36.78 and a twelve month high of $58.25. The stock has a market cap of $31,469.97 and a price-to-earnings ratio of 19.70.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the company posted $0.66 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. research analysts expect that Progressive Corp will post 3.41 EPS for the current year.

The business also recently declared an annual dividend, which will be paid on Friday, February 9th. Investors of record on Friday, February 2nd will be paid a $1.125 dividend. This represents a yield of 0.0203325501536237%. The ex-dividend date is Thursday, February 1st. Progressive’s dividend payout ratio is presently 25.00%.

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About Progressive

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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