Taikang Asset Management Hong Kong Co Ltd Sells 3,112 Shares of The Progressive Corporation $PGR

Taikang Asset Management Hong Kong Co Ltd cut its position in The Progressive Corporation (NYSE:PGR) by 15.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,583 shares of the insurance provider’s stock after selling 3,112 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in Progressive were worth $4,004,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the business. Klingman & Associates LLC lifted its holdings in shares of Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after buying an additional 48 shares during the last quarter. Revisor Wealth Management LLC grew its stake in shares of Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after acquiring an additional 50 shares during the last quarter. Cullen Investment Group LTD. increased its position in Progressive by 0.7% during the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after acquiring an additional 52 shares during the period. Pines Wealth Management LLC increased its position in Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 52 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC raised its stake in Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after purchasing an additional 52 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were 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 of the company’s stock, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,343 shares of company stock valued at $1,470,355 in the last ninety days. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on PGR shares. Wells Fargo & Company raised their price target on shares of Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Mizuho reduced their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Finally, Roth Mkm set a $235.00 price target on Progressive in a research note on Thursday, February 19th. 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 price target of $238.11.

Progressive Price Performance

Shares of PGR stock opened at $204.70 on Wednesday. The stock’s fifty day simple moving average is $199.56 and its 200 day simple moving average is $207.60. The Progressive Corporation has a one year low of $189.20 and a one year high of $267.92. The firm has a market cap of $119.61 billion, a price-to-earnings ratio of 10.41, a P/E/G ratio of 5.90 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.37 earnings per share. On average, analysts expect that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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.