Raymond James Trust N.A. reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,613 shares of the insurance provider’s stock after selling 1,013 shares during the quarter. Raymond James Trust N.A.’s holdings in The Progressive were worth $2,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently bought and sold shares of the business. Acadian Asset Management LLC lifted its position in The Progressive by 27.5% in the third quarter. Acadian Asset Management LLC now owns 9,886 shares of the insurance provider’s stock valued at $935,000 after purchasing an additional 2,133 shares during the period. Cibc World Markets Corp increased its position in shares of The Progressive by 10.8% in the 3rd quarter. Cibc World Markets Corp now owns 205,633 shares of the insurance provider’s stock worth $19,467,000 after purchasing an additional 20,057 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of The Progressive by 103.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 105,390 shares of the insurance provider’s stock valued at $9,977,000 after buying an additional 53,677 shares during the last quarter. Avantax Advisory Services Inc. bought a new stake in shares of The Progressive during the 3rd quarter valued at about $1,434,000. Finally, Barings LLC grew its position in The Progressive by 54.4% in the 3rd quarter. Barings LLC now owns 37,766 shares of the insurance provider’s stock worth $3,575,000 after purchasing an additional 13,311 shares during the last quarter. 80.93% of the stock is currently owned by institutional investors.
A number of brokerages have recently weighed in on PGR. Morgan Stanley reduced their price target on shares of The Progressive from $103.00 to $98.00 and set an “equal weight” rating for the company in a research note on Tuesday. BidaskClub raised shares of The Progressive from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 23rd. Smith Barney Citigroup lowered shares of The Progressive from a “buy” rating to a “neutral” rating and cut their price target for the company from $102.00 to $96.00 in a research note on Tuesday, December 8th. ValuEngine lowered shares of The Progressive from a “hold” rating to a “sell” rating in a research note on Tuesday, November 10th. Finally, Raymond James reaffirmed a “buy” rating and issued a $115.00 price target on shares of The Progressive in a research note on Wednesday, December 30th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The Progressive has an average rating of “Hold” and a consensus target price of $95.07.
NYSE:PGR opened at $94.93 on Thursday. The company has a market capitalization of $55.59 billion, a PE ratio of 11.03, a P/E/G ratio of 2.11 and a beta of 0.54. The company has a 50 day simple moving average of $94.38 and a two-hundred day simple moving average of $92.18. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.44 and a current ratio of 0.51. The Progressive Co. has a fifty-two week low of $62.18 and a fifty-two week high of $102.05.
The Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 14th. The insurance provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.18. The business had revenue of $10.41 billion during the quarter, compared to the consensus estimate of $10.55 billion. The Progressive had a net margin of 12.13% and a return on equity of 28.66%. Research analysts predict that The Progressive Co. will post 7.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Friday, January 8th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend is Thursday, January 7th. The Progressive’s dividend payout ratio is presently 68.45%.
The Progressive Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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