Truist Financial Corp Sells 3,534 Shares of The Progressive Corporation $PGR

Truist Financial Corp trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 464,215 shares of the insurance provider’s stock after selling 3,534 shares during the quarter. Truist Financial Corp owned 0.08% of Progressive worth $105,711,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management bought a new position in shares of Progressive in the third quarter valued at approximately $25,000. Dagco Inc. bought a new stake in Progressive during the 4th quarter worth approximately $28,000. Ameriflex Group Inc. lifted its stake in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Bangor Savings Bank lifted its stake in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares in the last quarter. Finally, Riverview Trust Co boosted its holdings in Progressive by 48.6% in the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 53 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $199.49 on Tuesday. The firm’s fifty day moving average price is $203.18 and its 200-day moving average price is $212.01. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.35 and a current ratio of 0.33. The stock has a market cap of $116.69 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 6.58 and a beta of 0.31. The Progressive Corporation has a fifty-two week low of $192.02 and a fifty-two week high of $289.96.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.37 earnings per share. On average, equities research analysts expect that The Progressive Corporation will post 16.38 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Insider Transactions at Progressive

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the transaction, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,933 shares of company stock valued at $1,441,564 over the last 90 days. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PGR. Citigroup reduced their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Mizuho dropped their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. BMO Capital Markets boosted their target price on Progressive from $208.00 to $221.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. decreased their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Friday, March 27th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $238.39.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.