Brown Advisory Inc. Sells 38,075 Shares of Progressive Corp (PGR)

Brown Advisory Inc. trimmed its holdings in Progressive Corp (NYSE:PGR) by 28.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 94,559 shares of the insurance provider’s stock after selling 38,075 shares during the quarter. Brown Advisory Inc.’s holdings in Progressive were worth $5,704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PGR. Lindbrook Capital LLC bought a new stake in Progressive during the 4th quarter valued at $27,000. Karp Capital Management Corp bought a new stake in Progressive during the 4th quarter valued at $32,000. Capital Investment Advisory Services LLC bought a new stake in Progressive during the 4th quarter valued at $33,000. JOYN Advisors Inc. raised its holdings in Progressive by 46.3% during the 4th quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock valued at $35,000 after buying an additional 186 shares during the last quarter. Finally, Rehmann Capital Advisory Group raised 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 valued at $51,000 after buying an additional 339 shares during the last quarter. Hedge funds and other institutional investors own 79.85% of the company’s stock.

A number of equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Wednesday, January 2nd. Credit Suisse Group lowered their price target on shares of Progressive from $79.00 to $74.00 and set a “buy” rating for the company in a report on Thursday, December 20th. Wells Fargo & Co set a $69.00 price target on shares of Progressive and gave the company a “hold” rating in a report on Wednesday, December 12th. B. Riley upgraded shares of Progressive from a “neutral” rating to a “buy” rating and upped their price target for the company from $71.00 to $81.00 in a report on Tuesday, December 11th. Finally, Barclays upgraded shares of Progressive from an “underweight” rating to an “overweight” rating and upped their price target for the company from $67.00 to $73.00 in a report on Wednesday, January 9th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $72.50.

Shares of Progressive stock opened at $73.61 on Friday. The company has a current ratio of 0.36, a quick ratio of 0.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $42.98 billion, a price-to-earnings ratio of 16.65, a P/E/G ratio of 1.98 and a beta of 0.78. Progressive Corp has a 12-month low of $56.71 and a 12-month high of $73.78.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57). The company had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. Progressive had a net margin of 8.16% and a return on equity of 24.83%. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 earnings per share. On average, analysts forecast that Progressive Corp will post 5.07 earnings per share for the current year.

The business also recently disclosed an annual dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be given a dividend of $0.10 per share. This represents a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 4th. Progressive’s payout ratio is currently 56.79%.

In other news, insider Steven Broz sold 2,500 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $72.93, for a total value of $182,325.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $65.27, for a total transaction of $783,240.00. Following the completion of the sale, the chief financial officer now directly owns 392,019 shares in the company, valued at $25,587,080.13. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,048 shares of company stock worth $7,201,719. Insiders own 0.70% of the company’s stock.

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Progressive Profile

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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