Bank of New York Mellon Corp lowered its position in shares of Progressive Corp (NYSE:PGR) by 2.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,292,065 shares of the insurance provider’s stock after selling 200,381 shares during the period. Bank of New York Mellon Corp’s holdings in Progressive were worth $410,690,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Artisan Partners Limited Partnership grew its position in Progressive by 23.8% during the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after acquiring an additional 2,762,934 shares during the last quarter. Janus Henderson Group PLC grew its position in Progressive by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after acquiring an additional 2,588,522 shares during the last quarter. Wells Fargo & Company MN grew its position in Progressive by 9.3% during the 4th quarter. Wells Fargo & Company MN now owns 7,413,668 shares of the insurance provider’s stock worth $417,536,000 after acquiring an additional 633,354 shares during the last quarter. TimesSquare Capital Management LLC grew its position in Progressive by 11.6% during the 3rd quarter. TimesSquare Capital Management LLC now owns 4,272,045 shares of the insurance provider’s stock worth $206,852,000 after acquiring an additional 443,100 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Progressive by 2.0% during the 3rd quarter. Legal & General Group Plc now owns 3,190,252 shares of the insurance provider’s stock worth $154,470,000 after acquiring an additional 63,231 shares during the last quarter. Institutional investors and hedge funds own 78.27% of the company’s stock.
A number of equities research analysts recently weighed in on PGR shares. B. Riley restated a “hold” rating and set a $46.00 price objective on shares of Progressive in a research report on Wednesday, November 15th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $58.00 price target on shares of Progressive in a research report on Friday, November 17th. MKM Partners upped their price target on Progressive to $65.00 and gave the company a “buy” rating in a research report on Friday, December 15th. Goldman Sachs Group began coverage on Progressive in a research report on Monday, December 4th. They issued a “buy” rating and a $57.00 price target on the stock. Finally, UBS Group reiterated a “buy” rating and issued a $62.00 price target on shares of Progressive in a research report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $50.65.
Shares of Progressive Corp (NYSE:PGR) opened at $57.35 on Friday. Progressive Corp has a 52-week low of $38.36 and a 52-week high of $58.25. The company has a market capitalization of $33,360.00, a PE ratio of 21.01, a price-to-earnings-growth ratio of 2.20 and a beta of 0.82. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.37 and a quick ratio of 0.50.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. The company had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The firm’s revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. equities research analysts expect that Progressive Corp will post 3.52 earnings per share for the current fiscal year.
The firm also recently disclosed an annual dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, February 2nd were paid a $1.125 dividend. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date of this dividend was Thursday, February 1st. Progressive’s dividend payout ratio is 41.03%.
In other news, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction dated Friday, December 22nd. The stock was 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is owned by insiders.
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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.
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