Tranquility Partners LLC Sells 324 Shares of The Progressive Co. (NYSE:PGR)

Tranquility Partners LLC decreased its position in The Progressive Co. (NYSE:PGR) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,570 shares of the insurance provider’s stock after selling 324 shares during the quarter. Tranquility Partners LLC’s holdings in Progressive were worth $1,206,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC bought a new position in shares of Progressive in the fourth quarter worth about $840,885,000. Norges Bank bought a new position in shares of Progressive in the fourth quarter worth about $802,968,000. Wellington Management Group LLP raised its stake in shares of Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after buying an additional 2,666,449 shares during the period. Morgan Stanley raised its stake in shares of Progressive by 25.4% in the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after buying an additional 1,361,665 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Progressive by 31.8% in the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock worth $666,004,000 after buying an additional 1,154,591 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.4 %

Shares of Progressive stock traded up $0.77 on Wednesday, reaching $209.12. The company had a trading volume of 3,554,558 shares, compared to its average volume of 2,604,509. The firm has a market cap of $122.48 billion, a price-to-earnings ratio of 21.33, a P/E/G ratio of 0.86 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The firm’s 50-day moving average price is $198.20 and its two-hundred day moving average price is $174.08. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $212.24.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 EPS. As a group, research analysts predict that The Progressive Co. will post 10.73 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. TD Cowen initiated coverage on Progressive in a research note on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. Piper Sandler reissued an “overweight” rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Jefferies Financial Group lifted their target price on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research note on Monday. Finally, The Goldman Sachs Group lifted their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $211.88.

Insider Transactions at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.