12th Street Asset Management Company LLC Has $12 Million Holdings in The Progressive Corporation $PGR

12th Street Asset Management Company LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 16.7% in the 4th quarter, Holdings Channel reports. The fund owned 52,709 shares of the insurance provider’s stock after selling 10,577 shares during the quarter. Progressive comprises 2.0% of 12th Street Asset Management Company LLC’s portfolio, making the stock its 18th biggest holding. 12th Street Asset Management Company LLC’s holdings in Progressive were worth $12,003,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after purchasing an additional 593,612 shares during the period. State Street Corp grew its position in Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares in the last quarter. Capital International Investors grew its position in Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after buying an additional 6,045,732 shares in the last quarter. Capital Research Global Investors increased its stake 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 acquiring an additional 2,314,864 shares during the period. Finally, Legal & General Group Plc increased its stake in Progressive by 4.9% during the third quarter. Legal & General Group Plc now owns 4,196,111 shares of the insurance provider’s stock valued at $1,036,230,000 after acquiring an additional 197,603 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In related 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 transaction of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,928 shares of company stock valued at $831,251 over the last three months. 0.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on PGR. Bank of America reduced their price objective on Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research report on Wednesday, May 20th. Roth Mkm set a $235.00 price objective on Progressive in a research report on Thursday, February 19th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $220.00 target price on shares of Progressive in a research report on Wednesday, May 20th. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $238.11.

Progressive Price Performance

Shares of PGR stock opened at $199.28 on Tuesday. The stock’s fifty day simple moving average is $200.34 and its 200 day simple moving average is $210.19. 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 cap of $116.45 billion, a price-to-earnings ratio of 10.13, a P/E/G ratio of 7.30 and a beta of 0.31. The Progressive Corporation has a one year low of $191.75 and a one year high of $289.96.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.37 earnings per share. On average, analysts expect that The Progressive Corporation will post 16.36 earnings per share for the current fiscal year.

Progressive Announces Dividend

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