First Allied Advisory Services Inc. bought a new position in shares of Progressive Corp (NYSE:PGR) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 11,024 shares of the insurance provider’s stock, valued at approximately $624,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Lockheed Martin Investment Management Co. acquired a new stake in Progressive in the third quarter valued at approximately $872,000. Ameriprise Financial Inc. grew its position in Progressive by 85.5% in the third quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock valued at $42,613,000 after acquiring an additional 405,643 shares in the last quarter. Brown Advisory Inc. grew its position in Progressive by 8.3% in the third quarter. Brown Advisory Inc. now owns 46,734 shares of the insurance provider’s stock valued at $2,262,000 after acquiring an additional 3,580 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Progressive by 10.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,903,768 shares of the insurance provider’s stock valued at $92,180,000 after acquiring an additional 178,770 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in Progressive by 224.5% in the third quarter. Schroder Investment Management Group now owns 168,420 shares of the insurance provider’s stock valued at $8,094,000 after acquiring an additional 116,524 shares in the last quarter. 79.72% of the stock is owned by hedge funds and other institutional investors.
In other news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is currently owned by company insiders.
Several analysts have issued reports on the stock. Wells Fargo & Co set a $57.00 price objective on shares of Progressive and gave the company a “hold” rating in a research report on Wednesday, February 14th. MKM Partners increased their price objective on shares of Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. UBS Group increased their price objective on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Credit Suisse Group reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Progressive in a research report on Friday, December 15th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Progressive in a research report on Wednesday, December 6th. Two research analysts have rated the stock with a sell rating, eight have assigned 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 an average price target of $50.65.
Shares of Progressive Corp (PGR) opened at $56.85 on Friday. Progressive Corp has a 1 year low of $38.61 and a 1 year high of $58.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.37. The firm has a market cap of $33,290.09, a P/E ratio of 23.24, a PEG ratio of 2.22 and a beta of 0.82.
Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter last year, the company earned $0.66 earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. research analysts expect that Progressive Corp will post 3.52 EPS for the current fiscal year.
The business also recently declared an annual dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, February 2nd were given a dividend of $1.125 per share. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date was Thursday, February 1st. Progressive’s payout ratio is currently 41.18%.
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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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