Burney Co. decreased its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 37.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,747 shares of the insurance provider's stock after selling 4,015 shares during the period. Burney Co.'s holdings in Progressive were worth $1,617,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently modified their holdings of PGR. Versant Capital Management Inc lifted its position in Progressive by 98.2% during the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock worth $189,000 after buying an additional 391 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of Progressive by 90.9% during the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider's stock worth $1,983,000 after purchasing an additional 3,720 shares in the last quarter. Diversified Trust Co grew its stake in shares of Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock valued at $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Sycomore Asset Management increased its holdings in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock valued at $5,856,000 after purchasing an additional 2,450 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock worth $1,286,036,000 after purchasing an additional 330,667 shares during the last quarter. Institutional investors own 85.34% of the company's stock.
Shares of Progressive stock opened at $245.57 on Friday. The company has a market capitalization of $143.86 billion, a P/E ratio of 17.85, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The business has a 50-day moving average of $250.72 and a two-hundred day moving average of $242.01. The Progressive Co. has a 1 year low of $166.92 and a 1 year high of $270.62.
Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to analysts' expectations of $18.95 billion. As a group, equities analysts predict that The Progressive Co. will post 13.52 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive's dividend payout ratio is 2.91%.
In other news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares of the company's stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,919 shares of company stock valued at $8,222,168. 0.34% of the stock is owned by corporate insiders.
Several research firms have recently commented on PGR. JPMorgan Chase & Co. lifted their target price on Progressive from $251.00 to $256.00 and gave the company an "overweight" rating in a research note on Friday, January 3rd. Jefferies Financial Group raised their price target on Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. Evercore ISI raised their target price on shares of Progressive from $277.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. Finally, Morgan Stanley reissued an "overweight" rating and set a $310.00 price target on shares of Progressive in a research note on Friday, December 13th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $275.24.
View Our Latest Analysis on PGR
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.
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