BlackRock Inc. boosted its position in shares of Progressive Corp (NYSE:PGR) by 4.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,769,936 shares of the insurance provider’s stock after purchasing an additional 1,742,936 shares during the quarter. BlackRock Inc. owned about 0.07% of Progressive worth $2,183,522,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in Progressive by 0.8% during the 4th quarter. Rhumbline Advisers now owns 1,157,419 shares of the insurance provider’s stock worth $65,186,000 after purchasing an additional 9,187 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Progressive by 330.2% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 206,877 shares of the insurance provider’s stock worth $11,651,000 after purchasing an additional 158,783 shares during the period. Shell Asset Management Co. increased its holdings in Progressive by 34.0% during the 4th quarter. Shell Asset Management Co. now owns 174,806 shares of the insurance provider’s stock worth $9,845,000 after purchasing an additional 44,395 shares during the period. Arizona State Retirement System increased its holdings in Progressive by 7.4% during the 4th quarter. Arizona State Retirement System now owns 268,340 shares of the insurance provider’s stock worth $15,113,000 after purchasing an additional 18,595 shares during the period. Finally, Eagle Asset Management Inc. increased its holdings in Progressive by 13.1% during the 4th quarter. Eagle Asset Management Inc. now owns 1,373,229 shares of the insurance provider’s stock worth $76,661,000 after purchasing an additional 159,178 shares during the period. Institutional investors own 78.27% of the company’s stock.
In related news, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the transaction, the insider now directly owns 137,722 shares in the company, valued at approximately $7,726,204.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.56% of the stock is owned by insiders.
Progressive Corp (PGR) opened at $57.35 on Friday. Progressive Corp has a one year low of $38.36 and a one year high of $58.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.37. The firm has a market capitalization of $33,360.00, a price-to-earnings ratio of 21.01, a P/E/G ratio of 2.20 and a beta of 0.82.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the previous year, the business earned $0.66 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. analysts predict that Progressive Corp will post 3.52 earnings per share for the current year.
The firm also recently announced an annual dividend, which was paid on Friday, February 9th. Investors of record on Friday, February 2nd were paid a dividend of $1.125 per share. The ex-dividend date was Thursday, February 1st. This represents a yield of 0.0203325501536237%. Progressive’s dividend payout ratio (DPR) is 41.03%.
Several research analysts have commented on PGR shares. B. Riley restated a “hold” rating and set a $46.00 price objective on shares of Progressive in a report on Wednesday, November 15th. Keefe, Bruyette & Woods restated a “buy” rating and set a $58.00 price objective on shares of Progressive in a report on Friday, November 17th. MKM Partners lifted their price target on Progressive to $65.00 and gave the company a “buy” rating in a report on Friday, December 15th. Goldman Sachs Group assumed coverage on Progressive in a report on Monday, December 4th. They issued a “buy” rating and a $57.00 price target on the stock. Finally, UBS Group reiterated a “buy” rating and issued a $62.00 price target on shares of Progressive in a report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $50.65.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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