Brandywine Global Investment Management LLC Cuts Position in The Progressive Corporation $PGR

Brandywine Global Investment Management LLC decreased its position in The Progressive Corporation (NYSE:PGR) by 2.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 250,851 shares of the insurance provider’s stock after selling 5,066 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Progressive were worth $57,124,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Illinois Municipal Retirement Fund grew its position in Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after buying an additional 23,833 shares during the period. Allstate Corp lifted its position in shares of Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after acquiring an additional 22,915 shares during the period. Prospera Financial Services Inc lifted its position in shares of Progressive by 36.9% during the 3rd quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider’s stock valued at $4,752,000 after acquiring an additional 5,184 shares during the period. Norges Bank purchased a new stake in shares of Progressive during the 4th quarter worth approximately $1,836,094,000. Finally, Mariner LLC grew its holdings in shares of Progressive by 7.9% in the 3rd quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after acquiring an additional 47,248 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction 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 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 sale was disclosed in a document filed with the SEC, which is available through this link. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on PGR. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Piper Sandler restated an “overweight” rating and issued a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. Finally, Argus upgraded shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive Stock Up 0.1%

Shares of NYSE:PGR opened at $204.27 on Monday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $119.36 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.91 and a beta of 0.28. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $283.95. The stock’s fifty day simple moving average is $198.89 and its 200-day simple moving average is $208.75.

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 analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.37 earnings per share. As a group, equities research analysts forecast that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a $0.10 dividend. 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 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.