Wakefield Asset Management LLLP Acquires 3,779 Shares of Progressive Corp (PGR)

Wakefield Asset Management LLLP raised its holdings in shares of Progressive Corp (NYSE:PGR) by 7.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 57,387 shares of the insurance provider’s stock after acquiring an additional 3,779 shares during the period. Progressive comprises about 1.5% of Wakefield Asset Management LLLP’s portfolio, making the stock its 9th largest holding. Wakefield Asset Management LLLP’s holdings in Progressive were worth $4,137,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc raised its stake in shares of Progressive by 1.4% during the third quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock valued at $3,017,865,000 after acquiring an additional 582,761 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Progressive by 2.9% during the first quarter. Janus Henderson Group PLC now owns 13,147,056 shares of the insurance provider’s stock valued at $947,787,000 after acquiring an additional 374,526 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Progressive by 4.5% during the third quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock valued at $779,788,000 after acquiring an additional 476,696 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Progressive by 4,886.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock valued at $161,000 after acquiring an additional 9,515,013 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Progressive by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock valued at $450,389,000 after acquiring an additional 515,706 shares during the last quarter. Institutional investors and hedge funds own 80.66% of the company’s stock.

In other Progressive news, insider John A. Barbagallo sold 48,000 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $75.78, for a total transaction of $3,637,440.00. Following the completion of the transaction, the insider now owns 84,370 shares of the company’s stock, valued at $6,393,558.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $70.30, for a total transaction of $885,780.00. Following the transaction, the insider now directly owns 260,138 shares of the company’s stock, valued at approximately $18,287,701.40. The disclosure for this sale can be found here. Insiders have sold 128,450 shares of company stock valued at $9,599,837 in the last ninety days. Insiders own 0.39% of the company’s stock.

Several equities analysts have recently commented on PGR shares. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Monday, April 22nd. Wells Fargo & Co reaffirmed a “hold” rating and set a $73.00 price objective on shares of Progressive in a research note on Wednesday, March 13th. Citigroup upped their price objective on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Credit Suisse Group upped their price objective on shares of Progressive from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Finally, Barclays increased their price target on shares of Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Six 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 company. Progressive presently has an average rating of “Buy” and an average price target of $74.93.

PGR stock traded down $1.48 during trading on Monday, reaching $71.95. The company had a trading volume of 931,321 shares, compared to its average volume of 2,923,970. Progressive Corp has a 52 week low of $56.71 and a 52 week high of $78.58. The company has a market cap of $42.88 billion, a P/E ratio of 16.28, a PEG ratio of 1.93 and a beta of 0.79. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The business had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter last year, the firm earned $1.22 earnings per share. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities research analysts expect that Progressive Corp will post 5.15 earnings per share for the current fiscal year.

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

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Progressive Company Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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