The Progressive Corporation $PGR Shares Sold by Vestcor Inc

Vestcor Inc decreased its holdings in The Progressive Corporation (NYSE:PGR) by 6.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 108,672 shares of the insurance provider’s stock after selling 7,522 shares during the quarter. Progressive accounts for about 0.7% of Vestcor Inc’s investment portfolio, making the stock its 23rd largest position. Vestcor Inc’s holdings in Progressive were worth $24,747,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Brighton Jones LLC grew its position in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive in the fourth quarter worth approximately $269,000. Bison Wealth LLC grew its position in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the last quarter. HUB Investment Partners LLC grew its position in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC grew its position in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PGR shares. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research report on Friday, May 22nd. Wells Fargo & Company lifted their price target on shares of Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. Morgan Stanley decreased their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. 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 report on Tuesday, March 24th. Finally, Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $238.11.

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction 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. This trade represents a 32.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.32% of the stock is owned by company insiders.

Progressive Trading Up 4.6%

Progressive stock opened at $204.27 on Friday. The company has a 50 day moving average price of $198.89 and a 200 day moving average price of $208.87. 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 firm has a market capitalization of $119.37 billion, a price-to-earnings ratio of 10.39, a P/E/G ratio of 5.66 and a beta of 0.28.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business posted $4.37 EPS. The company’s revenue was up 6.5% on a year-over-year basis. Research analysts forecast that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Announces Dividend

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

Progressive 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.