Allstate Corp Increases Holdings in The Progressive Corporation $PGR

Allstate Corp lifted its stake in The Progressive Corporation (NYSE:PGR) by 106.1% in the 4th quarter, HoldingsChannel reports. The firm owned 44,513 shares of the insurance provider’s stock after acquiring an additional 22,915 shares during the period. Allstate Corp’s holdings in Progressive were worth $10,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. Capital International Investors increased its stake in shares of Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after purchasing an additional 6,045,732 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares in the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in shares of Progressive in the 4th quarter worth $353,906,000. CIBC Private Wealth Group LLC increased its stake in shares of Progressive by 2,012.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after purchasing an additional 731,207 shares in the last quarter. Finally, M&T Bank Corp increased its stake in shares of Progressive by 1,363.8% in the 4th quarter. M&T Bank Corp now owns 706,898 shares of the insurance provider’s stock worth $160,975,000 after purchasing an additional 658,607 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction dated 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 transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karen Bailo sold 3,517 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This trade represents a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,928 shares of company stock valued at $831,251 in the last three months. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Morgan Stanley reduced their price objective on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday, March 31st. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Piper Sandler reaffirmed an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. UBS Group upped their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Finally, Barclays set a $247.00 target price on shares of Progressive in a report on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $238.11.

Progressive Stock Down 0.1%

PGR opened at $199.28 on Tuesday. The firm has a 50-day simple moving average of $200.34 and a two-hundred day simple moving average of $210.19. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The company has a market capitalization of $116.45 billion, a PE ratio of 10.13, a price-to-earnings-growth ratio of 7.30 and a beta of 0.31. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the prior year, the firm earned $4.37 EPS. The business’s revenue was up 6.5% on a year-over-year basis. Analysts forecast that The Progressive Corporation will post 16.36 earnings per share for the current fiscal year.

Progressive Announces Dividend

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