The Progressive Co. (NYSE:PGR) Shares Bought by Ghe LLC

Ghe LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 0.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,562 shares of the insurance provider’s stock after purchasing an additional 69 shares during the quarter. Progressive makes up 2.8% of Ghe LLC’s investment portfolio, making the stock its 6th biggest holding. Ghe LLC’s holdings in Progressive were worth $4,549,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Giverny Capital Inc. boosted its position in Progressive by 2.9% during the third quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock valued at $69,849,000 after acquiring an additional 14,022 shares during the last quarter. AIA Group Ltd lifted its position in shares of Progressive by 4.9% during the 3rd quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider’s stock worth $21,651,000 after buying an additional 7,268 shares in the last quarter. Invesco LLC lifted its position in shares of Progressive by 2.0% during the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after buying an additional 70 shares in the last quarter. Strs Ohio lifted its position in shares of Progressive by 3.1% during the 4th quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock worth $26,788,000 after buying an additional 4,983 shares in the last quarter. Finally, First Affirmative Financial Network bought a new stake in shares of Progressive in the 4th quarter worth approximately $295,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,139 shares of company stock valued at $7,458,139. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.9 %

PGR traded down $1.82 during midday trading on Wednesday, reaching $212.20. The company’s stock had a trading volume of 2,632,827 shares, compared to its average volume of 2,620,038. The firm has a market capitalization of $124.29 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 0.84 and a beta of 0.35. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $216.21. The stock’s 50-day moving average is $201.66 and its 200-day moving average is $176.83. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period last year, the firm earned $0.65 EPS. As a group, research analysts expect that The Progressive Co. will post 11.22 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PGR shares. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. Citigroup boosted their price target on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. Wells Fargo & Company upped their price objective on shares of Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. TD Cowen began coverage on shares of Progressive in a research note on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price objective for the company. Finally, Bank of America lowered their price objective on shares of Progressive from $279.00 to $273.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $211.88.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.