Welch & Forbes LLC lessened its position in shares of Progressive Corp (NYSE:PGR) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,147 shares of the insurance provider’s stock after selling 1,625 shares during the period. Welch & Forbes LLC’s holdings in Progressive were worth $2,965,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of PGR. Capital Investment Advisory Services LLC bought a new stake in Progressive during the 4th quarter worth approximately $33,000. Rehmann Capital Advisory Group increased its holdings in Progressive by 88.5% during the 3rd quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 339 shares during the period. Intercontinental Wealth Advisors LLC bought a new stake in Progressive during the 4th quarter worth approximately $63,000. Flagship Harbor Advisors LLC increased its holdings in Progressive by 15.3% during the 4th quarter. Flagship Harbor Advisors LLC now owns 1,420 shares of the insurance provider’s stock worth $85,000 after acquiring an additional 188 shares during the period. Finally, Private Capital Group LLC increased its holdings in shares of Progressive by 72.2% in the 4th quarter. Private Capital Group LLC now owns 1,455 shares of the insurance provider’s stock worth $88,000 after buying an additional 610 shares during the last quarter. 82.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of PGR stock traded up $0.68 on Tuesday, hitting $69.84. 40,532 shares of the company’s stock traded hands, compared to its average volume of 3,354,722. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.42 and a current ratio of 0.32. Progressive Corp has a one year low of $51.47 and a one year high of $73.69. The firm has a market cap of $40.29 billion, a P/E ratio of 15.82, a P/E/G ratio of 1.86 and a beta of 0.75.
Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.54%. The business had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the business posted $0.98 EPS. Progressive’s revenue for the quarter was up 17.6% on a year-over-year basis. As a group, analysts forecast that Progressive Corp will post 5.01 EPS for the current year.
The firm also recently announced an annual dividend, which was paid on Monday, February 11th. Investors of record on Monday, February 4th were issued a dividend of $2.514 per share. The ex-dividend date was Friday, February 1st. This represents a dividend yield of 3.85%. This is a positive change from Progressive’s previous annual dividend of $1.12. Progressive’s dividend payout ratio (DPR) is currently 56.79%.
In related news, insider M Jeffrey Charney sold 18,000 shares of the stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $66.58, for a total transaction of $1,198,440.00. Following the transaction, the insider now owns 145,304 shares of the company’s stock, valued at approximately $9,674,340.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of the stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $64.87, for a total transaction of $817,362.00. Following the transaction, the insider now directly owns 253,256 shares in the company, valued at approximately $16,428,716.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,548 shares of company stock worth $6,094,536. 0.70% of the stock is owned by insiders.
A number of equities analysts have recently commented on PGR shares. Morgan Stanley raised shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price target on the stock in a report on Wednesday, November 7th. Credit Suisse Group set a $79.00 price target on shares of Progressive and gave the stock a “buy” rating in a report on Monday, October 15th. Wells Fargo & Co set a $69.00 price target on shares of Progressive and gave the stock a “hold” rating in a report on Wednesday, November 14th. Barclays increased their price target on shares of Progressive from $59.00 to $67.00 and gave the stock an “underweight” rating in a report on Monday, November 12th. Finally, ValuEngine lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $71.64.
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The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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