Bank of New York Mellon Corp Has $703.99 Million Position in The Progressive Corporation $PGR

Bank of New York Mellon Corp lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,091,462 shares of the insurance provider’s stock after selling 65,723 shares during the period. Bank of New York Mellon Corp owned 0.53% of Progressive worth $703,988,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Norges Bank acquired a new position in Progressive during the fourth quarter valued at approximately $1,836,094,000. Capital International Investors grew its holdings in Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares during the last quarter. Capital Research Global Investors grew its holdings in Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new position in Progressive during the fourth quarter valued at approximately $353,906,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Progressive during the fourth quarter valued at approximately $185,761,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Piper Sandler reiterated an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. BMO Capital Markets reiterated a “market perform” rating and set a $220.00 price target on shares of Progressive in a report on Wednesday, May 20th. Morgan Stanley lowered their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Finally, Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $238.11.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Down 1.7%

PGR opened at $193.54 on Thursday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $288.35. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $113.09 billion, a price-to-earnings ratio of 9.84, a P/E/G ratio of 5.71 and a beta of 0.28. The business has a 50 day moving average of $199.07 and a 200-day moving average of $209.11.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same period in the prior year, the business earned $4.37 earnings per share. Progressive’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Progressive Corporation will post 16.33 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a $0.10 dividend. 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 currently 2.03%.

About Progressive

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.