Everence Capital Management Inc. Has $2.22 Million Stock Position in The Progressive Co. (NYSE:PGR)

Everence Capital Management Inc. lowered its stake in The Progressive Co. (NYSE:PGR) by 27.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,920 shares of the insurance provider’s stock after selling 5,390 shares during the quarter. Everence Capital Management Inc.’s holdings in Progressive were worth $2,217,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PGR. Markel Corp increased its position in shares of Progressive by 4.1% in the first quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after acquiring an additional 29,750 shares during the last quarter. Roundview Capital LLC increased its position in Progressive by 0.8% during the first quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock worth $5,595,000 after buying an additional 381 shares during the last quarter. Cibc World Market Inc. increased its position in Progressive by 3.9% during the first quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock worth $763,000 after buying an additional 254 shares during the last quarter. Moors & Cabot Inc. increased its position in Progressive by 8.0% during the first quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock worth $351,000 after buying an additional 228 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in Progressive by 103.5% during the first quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock worth $800,000 after buying an additional 3,571 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PGR shares. Wells Fargo & Company boosted their price target on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Jefferies Financial Group upped their target price on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday. The Goldman Sachs Group upped their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Morgan Stanley upped their target price on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $208.31.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.9 %

NYSE PGR opened at $208.35 on Wednesday. The business has a fifty day moving average price of $198.20 and a two-hundred day moving average price of $174.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $212.24. The stock has a market capitalization of $122.03 billion, a PE ratio of 21.33, a PEG ratio of 0.86 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the company earned $0.65 earnings per share. The company’s quarterly revenue was up 17.7% on a year-over-year basis. Equities analysts expect that The Progressive Co. will post 10.73 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s payout ratio is presently 4.09%.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.