Vestmark Advisory Solutions Inc. Boosts Stock Position in The Progressive Co. (NYSE:PGR)

Vestmark Advisory Solutions Inc. increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,484 shares of the insurance provider’s stock after buying an additional 403 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Progressive were worth $2,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in PGR. Compass Ion Advisors LLC grew its position in shares of Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC boosted its holdings in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after buying an additional 62 shares during the last quarter. Quent Capital LLC increased its stake in Progressive by 19.3% during the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after buying an additional 69 shares in the last quarter. BSW Wealth Partners raised its holdings in shares of Progressive by 4.2% during the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after acquiring an additional 69 shares during the last quarter. Finally, Invesco LLC lifted its position in shares of Progressive by 2.0% in the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after acquiring an additional 70 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,139 shares of company stock worth $7,458,139. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on PGR shares. BMO Capital Markets boosted their price target on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. UBS Group increased their target price on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Roth Mkm boosted their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Bank of America dropped their price objective on shares of Progressive from $279.00 to $273.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. Finally, Piper Sandler reissued an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $211.88.

Progressive Trading Down 0.1 %

NYSE PGR traded down $0.31 during trading hours on Friday, reaching $208.72. The company had a trading volume of 2,150,779 shares, compared to its average volume of 2,992,636. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $216.21. The stock has a market capitalization of $122.25 billion, a P/E ratio of 21.36, a price-to-earnings-growth ratio of 0.82 and a beta of 0.34. The stock has a 50-day moving average of $204.30 and a 200 day moving average of $179.61. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the business posted $0.65 EPS. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, research analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s payout ratio is presently 4.09%.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.