The Progressive Co. (NYSE:PGR) Shares Acquired by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. grew its stake in shares of The Progressive Co. (NYSE:PGR) by 2.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,484 shares of the insurance provider’s stock after purchasing an additional 403 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Progressive were worth $2,307,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its position in Progressive by 3.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 85,155 shares of the insurance provider’s stock worth $11,862,000 after acquiring an additional 2,452 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Progressive by 10.3% during the third quarter. Robeco Institutional Asset Management B.V. now owns 68,634 shares of the insurance provider’s stock valued at $9,561,000 after purchasing an additional 6,386 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Progressive by 4.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 128,982 shares of the insurance provider’s stock worth $17,967,000 after purchasing an additional 5,164 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Progressive in the third quarter valued at $75,000. Finally, Chicago Capital LLC grew its holdings in Progressive by 1.1% during the 3rd quarter. Chicago Capital LLC now owns 486,920 shares of the insurance provider’s stock valued at $67,828,000 after purchasing an additional 5,147 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PGR. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Piper Sandler reissued an “overweight” rating and issued a $240.00 price target on shares of Progressive in a report on Monday, April 1st. The Goldman Sachs Group lifted their price objective on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Bank of America reduced their price objective on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. Finally, Morgan Stanley lifted their target price on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus target price of $211.88.

Insider Activity

In related news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders sold a total of 39,139 shares of company stock worth $7,458,139 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

PGR traded down $0.31 during trading hours on Friday, hitting $208.72. The company’s stock had a trading volume of 2,150,779 shares, compared to its average volume of 2,992,636. The company has a 50-day simple moving average of $204.30 and a 200 day simple moving average of $179.61. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $122.25 billion, a PE ratio of 21.36, a PEG ratio of 0.82 and a beta of 0.34. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $216.21.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the business earned $0.65 earnings per share. As a group, sell-side analysts expect that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid 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 is presently 4.09%.

About Progressive

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.