Progressive Corp (PGR) Shares Bought by Alps Advisors Inc.
Alps Advisors Inc. increased its holdings in shares of Progressive Corp (NYSE:PGR) by 10.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,625 shares of the insurance provider’s stock after buying an additional 1,314 shares during the quarter. Alps Advisors Inc.’s holdings in Progressive were worth $767,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Exane Derivatives acquired a new stake in Progressive during the 4th quarter worth $104,000. First Personal Financial Services raised its stake in Progressive by 101.8% during the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock worth $124,000 after buying an additional 1,111 shares during the period. Balentine LLC raised its stake in Progressive by 3,273.0% during the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock worth $121,000 after buying an additional 2,422 shares during the period. Greenwood Capital Associates LLC acquired a new stake in Progressive during the 4th quarter worth $206,000. Finally, Fiduciary Trust Co. acquired a new stake in Progressive during the 4th quarter worth $220,000. 79.40% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on the company. MKM Partners lifted their price target on Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. UBS Group lifted their price target on Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Credit Suisse Group reissued a “hold” rating and issued a $48.00 price target on shares of Progressive in a research note on Friday, December 15th. Wells Fargo & Co set a $55.00 price target on Progressive and gave the company a “hold” rating in a research note on Wednesday, December 13th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $60.00 price target on shares of Progressive in a research note on Wednesday, December 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $50.53.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.66 EPS. sell-side analysts expect that Progressive Corp will post 3.41 earnings per share for the current fiscal year.
The business also recently disclosed an annual dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, February 2nd were issued a $1.125 dividend. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date was Thursday, February 1st. Progressive’s payout ratio is 41.03%.
In other news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the transaction, the insider now owns 137,722 shares in the company, valued at approximately $7,726,204.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is owned by company insiders.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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