The Progressive Corporation $PGR Shares Bought by Carret Asset Management LLC

Carret Asset Management LLC grew its holdings in The Progressive Corporation (NYSE:PGR) by 15.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,450 shares of the insurance provider’s stock after purchasing an additional 4,000 shares during the quarter. Carret Asset Management LLC’s holdings in Progressive were worth $6,706,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bard Associates Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $27,000. Dagco Inc. purchased a new position in Progressive during the fourth quarter worth approximately $28,000. IFC & Insurance Marketing Inc. acquired a new position in Progressive during the fourth quarter worth $29,000. Ameriflex Group Inc. grew its holdings in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares in the last quarter. Finally, Entrust Financial LLC purchased a new stake in Progressive in the 4th quarter valued at $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider owned 28,668 shares of the company’s stock, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,343 shares of company stock valued at $1,470,355 over the last three months. 0.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. 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. Jefferies Financial Group decreased their target price on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. Finally, Argus raised shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive Stock Performance

NYSE:PGR opened at $204.70 on Wednesday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $267.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The firm has a market capitalization of $119.61 billion, a PE ratio of 10.41, a price-to-earnings-growth ratio of 5.90 and a beta of 0.28. The business’s fifty day moving average price is $199.56 and its 200 day moving average price is $207.60.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping 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 business 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 firm posted $4.37 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, sell-side analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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