SG Americas Securities LLC Lowers Holdings in The Progressive Co. (NYSE:PGR)

SG Americas Securities LLC reduced its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 40.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,183 shares of the insurance provider’s stock after selling 10,526 shares during the period. SG Americas Securities LLC’s holdings in Progressive were worth $2,418,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cary Street Partners Investment Advisory LLC raised its stake in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares in the last quarter. IFP Advisors Inc raised its stake in Progressive by 1.2% in the third quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock valued at $816,000 after buying an additional 71 shares in the last quarter. Aaron Wealth Advisors LLC raised its stake in Progressive by 1.3% in the third quarter. Aaron Wealth Advisors LLC now owns 5,430 shares of the insurance provider’s stock valued at $756,000 after buying an additional 71 shares in the last quarter. Steward Financial Group LLC raised its stake in Progressive by 20.3% in the third quarter. Steward Financial Group LLC now owns 421 shares of the insurance provider’s stock valued at $58,000 after buying an additional 71 shares in the last quarter. Finally, Chesley Taft & Associates LLC raised its stake in Progressive by 0.4% in the third quarter. Chesley Taft & Associates LLC now owns 18,960 shares of the insurance provider’s stock valued at $2,641,000 after buying an additional 75 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of PGR opened at $204.65 on Wednesday. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $207.87. The stock’s 50 day moving average is $188.10 and its two-hundred day moving average is $166.52. The firm has a market capitalization of $119.86 billion, a PE ratio of 31.10, a P/E/G ratio of 0.94 and a beta of 0.34. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The company had revenue of $16.89 billion for the quarter, compared to analyst estimates of $16.10 billion. During the same quarter in the previous year, the company earned $1.52 EPS. Research analysts anticipate that The Progressive Co. will post 9.82 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, April 4th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.20%. Progressive’s payout ratio is 12.92%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 13,110 shares of Progressive stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares in the company, valued at approximately $75,570,485.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Susan Patricia Griffith sold 13,110 shares of Progressive stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares in the company, valued at approximately $75,570,485.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. In the last three months, insiders sold 58,949 shares of company stock worth $10,671,740. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on PGR shares. Bank of America lifted their target price on Progressive from $256.00 to $261.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Wells Fargo & Company upgraded Progressive from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $144.00 to $176.00 in a research report on Monday, December 18th. HSBC started coverage on Progressive in a research report on Thursday, December 28th. They set a “hold” rating and a $164.00 target price on the stock. Piper Sandler lifted their target price on Progressive from $188.00 to $207.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. Finally, BMO Capital Markets lifted their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and an average price target of $184.50.

View Our Latest Stock Report on Progressive

Progressive Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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