Progressive Corp (PGR) Position Trimmed by Segall Bryant & Hamill LLC

Segall Bryant & Hamill LLC lessened its holdings in Progressive Corp (NYSE:PGR) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,981 shares of the insurance provider’s stock after selling 1,576 shares during the period. Segall Bryant & Hamill LLC’s holdings in Progressive were worth $7,842,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Lindbrook Capital LLC bought a new position in Progressive in the fourth quarter valued at approximately $27,000. Karp Capital Management Corp bought a new position in Progressive in the fourth quarter valued at approximately $32,000. Capital Investment Advisory Services LLC acquired a new stake in Progressive in the fourth quarter worth $33,000. JOYN Advisors Inc. raised its holdings in Progressive by 46.3% in the fourth quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 186 shares during the period. Finally, Rehmann Capital Advisory Group raised its holdings in Progressive by 88.5% in the third quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 339 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on PGR shares. Wells Fargo & Co reiterated a “hold” rating and issued a $73.00 target price on shares of Progressive in a report on Wednesday, March 13th. Credit Suisse Group restated a “buy” rating and set a $73.00 price objective on shares of Progressive in a report on Thursday, January 3rd. Barclays upgraded shares of Progressive from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $67.00 to $73.00 in a report on Wednesday, January 9th. Citigroup raised their price objective on shares of Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 14th. Finally, Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, December 18th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $73.43.

In other news, insider M Jeffrey Charney sold 18,000 shares of the company’s stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $66.58, for a total value of $1,198,440.00. Following the sale, the insider now directly owns 145,304 shares of the company’s stock, valued at approximately $9,674,340.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $72.65, for a total transaction of $871,800.00. Following the completion of the sale, the chief financial officer now directly owns 371,815 shares in the company, valued at $27,012,359.75. The disclosure for this sale can be found here. Insiders have sold a total of 114,100 shares of company stock worth $7,722,825 over the last three months. Insiders own 0.39% of the company’s stock.

Shares of NYSE:PGR traded down $0.35 during midday trading on Monday, hitting $72.26. The stock had a trading volume of 2,507,665 shares, compared to its average volume of 3,162,995. The stock has a market capitalization of $41.91 billion, a PE ratio of 16.35, a PEG ratio of 1.93 and a beta of 0.77. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $73.78. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57). Progressive had a return on equity of 24.83% and a net margin of 8.16%. The company had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. Progressive’s revenue for the quarter was up 17.6% compared to the same quarter last year. On average, research analysts predict that Progressive Corp will post 5.07 EPS for the current fiscal year.

The firm also recently announced an annual dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be issued a dividend of $0.10 per share. This represents a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 4th. Progressive’s payout ratio is 59.05%.

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About Progressive

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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