Marietta Investment Partners LLC Has $290,000 Position in The Progressive Corporation $PGR

Marietta Investment Partners LLC lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 86.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,275 shares of the insurance provider’s stock after selling 8,406 shares during the quarter. Marietta Investment Partners LLC’s holdings in Progressive were worth $290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of PGR. Dagco Inc. acquired a new stake in Progressive during the fourth quarter worth $28,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new stake in Progressive during the fourth quarter worth $33,000. Kingdom Financial Group LLC. acquired a new stake in Progressive during the fourth quarter worth $34,000. Finally, Bangor Savings Bank boosted its stake in Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after buying an additional 58 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 1.1%

Shares of NYSE:PGR opened at $195.60 on Friday. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $283.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company’s fifty day moving average is $198.86 and its 200-day moving average is $208.90. The company has a market capitalization of $114.29 billion, a PE ratio of 9.94, a P/E/G ratio of 5.61 and a beta of 0.28.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the company earned $4.37 EPS. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts predict that The Progressive Corporation will post 16.33 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PGR. Jefferies Financial Group decreased their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Morgan Stanley cut their price objective on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. UBS Group boosted their target price on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Mizuho reduced their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Finally, Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and an average price target of $238.11.

Insiders Place Their Bets

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were 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 in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.32% of the company’s stock.

Progressive Company Profile

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.