Independent Advisor Alliance raised its stake in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 7.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,736 shares of the insurance provider’s stock after purchasing an additional 274 shares during the period. Independent Advisor Alliance’s holdings in Progressive were worth $426,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of PGR. Norges Bank bought a new position in Progressive during the 4th quarter worth $560,913,000. Victory Capital Management Inc. raised its position in Progressive by 425.0% during the 4th quarter. Victory Capital Management Inc. now owns 2,893,646 shares of the insurance provider’s stock worth $297,033,000 after purchasing an additional 2,342,430 shares during the last quarter. BlackRock Inc. raised its position in Progressive by 3.1% during the 4th quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock worth $4,700,376,000 after purchasing an additional 1,393,588 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Progressive by 15.8% in the 4th quarter. Alliancebernstein L.P. now owns 8,824,278 shares of the insurance provider’s stock worth $905,812,000 after acquiring an additional 1,205,937 shares in the last quarter. Finally, Ceredex Value Advisors LLC raised its position in shares of Progressive by 107.9% in the 4th quarter. Ceredex Value Advisors LLC now owns 1,970,541 shares of the insurance provider’s stock worth $202,276,000 after acquiring an additional 1,022,891 shares in the last quarter. 83.68% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on PGR shares. Morgan Stanley lifted their price objective on Progressive from $115.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Monday, July 18th. TheStreet downgraded Progressive from a “b” rating to a “c+” rating in a research note on Friday, July 15th. Keefe, Bruyette & Woods upgraded Progressive from an “underperform” rating to a “market perform” rating and raised their target price for the company from $96.00 to $107.00 in a research note on Thursday, June 23rd. Evercore ISI set a $129.00 target price on Progressive in a research note on Tuesday, July 19th. Finally, Barclays raised their target price on Progressive from $88.00 to $90.00 and gave the company an “underweight” rating in a research note on Thursday, May 19th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average price target of $111.93.
Progressive Trading Up 1.3 %
Progressive Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, July 7th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, July 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.34%. Progressive’s payout ratio is 28.57%.
Progressive declared that its board has approved a share repurchase plan on Wednesday, May 18th that permits the company to buyback 25,000,000 shares. This buyback authorization permits the insurance provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling at Progressive
In other Progressive news, insider Daniel P. Mascaro sold 558 shares of the business’s stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $112.94, for a total transaction of $63,020.52. Following the sale, the insider now owns 38,887 shares of the company’s stock, valued at approximately $4,391,897.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.37% of the company’s stock.
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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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