YorkBridge Wealth Partners LLC grew its holdings in shares of Progressive Corp (NYSE:PGR) by 18.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,880 shares of the insurance provider’s stock after acquiring an additional 600 shares during the period. YorkBridge Wealth Partners LLC’s holdings in Progressive were worth $234,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in PGR. PCJ Investment Counsel Ltd. bought a new position in Progressive during the 4th quarter worth approximately $1,985,000. Picton Mahoney Asset Management lifted its holdings in Progressive by 3.7% during the 4th quarter. Picton Mahoney Asset Management now owns 306,700 shares of the insurance provider’s stock worth $18,503,000 after buying an additional 10,900 shares during the last quarter. Bank of Montreal Can lifted its holdings in Progressive by 35.1% during the 4th quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock worth $197,463,000 after buying an additional 850,970 shares during the last quarter. Legal & General Group Plc lifted its holdings in Progressive by 1.4% during the 3rd quarter. Legal & General Group Plc now owns 2,832,561 shares of the insurance provider’s stock worth $201,225,000 after buying an additional 37,940 shares during the last quarter. Finally, V Wealth Advisors LLC lifted its holdings in Progressive by 1.2% during the 4th quarter. V Wealth Advisors LLC now owns 26,151 shares of the insurance provider’s stock worth $1,586,000 after buying an additional 309 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on PGR shares. Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Wednesday, January 2nd. Barclays increased their price target on Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Citigroup increased their price target on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. Wells Fargo & Co set a $73.00 price target on Progressive and gave the stock a “hold” rating in a research report on Thursday, February 14th. Finally, Credit Suisse Group lowered their target price on Progressive from $79.00 to $74.00 and set a “buy” rating on the stock in a research report on Thursday, December 20th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $73.43.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.83%. The firm had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter last year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. Equities research analysts predict that Progressive Corp will post 5.07 earnings per share for the current year.
The company also recently declared an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be given a dividend of $0.10 per share. This represents a dividend yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 4th. Progressive’s dividend payout ratio (DPR) is presently 59.05%.
In other news, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Friday, January 25th. The stock was sold at an average price of $65.27, for a total transaction of $783,240.00. Following the transaction, the chief financial officer now directly owns 392,019 shares in the company, valued at approximately $25,587,080.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John A. Barbagallo sold 45,000 shares of Progressive stock in a transaction on Friday, January 25th. The shares were sold at an average price of $65.44, for a total value of $2,944,800.00. Following the transaction, the insider now owns 132,370 shares in the company, valued at $8,662,292.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 114,100 shares of company stock worth $7,722,825. 0.39% of the stock is owned by insiders.
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Progressive Company 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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