Calamos Advisors LLC cut its holdings in Progressive Corp (NYSE:PGR) by 4.8% during the fourth quarter, HoldingsChannel reports. The firm owned 145,670 shares of the insurance provider’s stock after selling 7,365 shares during the period. Calamos Advisors LLC’s holdings in Progressive were worth $10,545,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. First Financial Corp IN bought a new position in shares of Progressive in the third quarter worth about $25,000. Simon Quick Advisors LLC grew its position in Progressive by 562.0% during the fourth quarter. Simon Quick Advisors LLC now owns 523 shares of the insurance provider’s stock worth $38,000 after buying an additional 444 shares in the last quarter. Carroll Financial Associates Inc. grew its position in Progressive by 26.6% during the fourth quarter. Carroll Financial Associates Inc. now owns 647 shares of the insurance provider’s stock worth $46,000 after buying an additional 136 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Progressive during the third quarter worth about $53,000. Finally, HM Payson & Co. acquired a new stake in Progressive during the second quarter worth about $64,000. Institutional investors and hedge funds own 78.69% of the company’s stock.
NYSE PGR opened at $75.72 on Thursday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $72.78 and its two-hundred day moving average is $75.38. The company has a market capitalization of $43.41 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 1.88 and a beta of 0.64. Progressive Corp has a 1-year low of $61.84 and a 1-year high of $84.96.
Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. On average, analysts predict that Progressive Corp will post 5.2 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 8th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date was Tuesday, January 7th. Progressive’s payout ratio is 9.05%.
A number of equities research analysts recently weighed in on the company. Goldman Sachs Group downgraded Progressive from a “buy” rating to a “neutral” rating in a research report on Wednesday, November 27th. Wells Fargo & Co reissued a “hold” rating and set a $76.00 target price on shares of Progressive in a research report on Thursday, November 7th. Morgan Stanley downgraded Progressive from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $84.00 to $74.00 in a research report on Monday, December 16th. Evercore ISI assumed coverage on Progressive in a research report on Thursday, October 17th. They set an “in-line” rating and a $78.00 target price on the stock. Finally, Buckingham Research decreased their target price on Progressive from $78.00 to $72.00 and set a “neutral” rating on the stock in a research report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. Progressive has a consensus rating of “Hold” and an average target price of $81.00.
In other Progressive news, CEO Susan Patricia Griffith sold 22,614 shares of Progressive stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the sale, the chief executive officer now directly owns 376,308 shares of the company’s stock, valued at $27,090,412.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael D. Sieger sold 3,687 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $73.52, for a total value of $271,068.24. Following the sale, the insider now directly owns 51,019 shares in the company, valued at $3,750,916.88. The disclosure for this sale can be found here. Insiders have sold 44,895 shares of company stock worth $3,263,586 over the last ninety days. Company insiders own 0.39% of the company’s stock.
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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