First Horizon Advisors Inc. Sells 160 Shares of The Progressive Co. (NYSE:PGR)

First Horizon Advisors Inc. reduced its position in The Progressive Co. (NYSE:PGR) by 8.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,728 shares of the insurance provider’s stock after selling 160 shares during the period. First Horizon Advisors Inc.’s holdings in Progressive were worth $275,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. West Family Investments Inc. boosted its position in shares of Progressive by 2.6% during the fourth quarter. West Family Investments Inc. now owns 2,992 shares of the insurance provider’s stock valued at $477,000 after buying an additional 75 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in Progressive by 20.6% during the 4th quarter. First Trust Direct Indexing L.P. now owns 19,459 shares of the insurance provider’s stock valued at $3,099,000 after acquiring an additional 3,329 shares during the period. Summit Financial LLC purchased a new stake in shares of Progressive during the 4th quarter valued at about $343,000. New York Life Investment Management LLC grew its stake in shares of Progressive by 0.5% in the fourth quarter. New York Life Investment Management LLC now owns 91,290 shares of the insurance provider’s stock worth $14,541,000 after acquiring an additional 497 shares during the period. Finally, Mach 1 Financial Group LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $759,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

PGR opened at $208.72 on Monday. The stock has a market capitalization of $122.25 billion, a price-to-earnings ratio of 21.36, a PEG ratio of 0.82 and a beta of 0.34. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $216.21. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The company has a fifty day moving average of $204.30 and a 200 day moving average of $179.90.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter last year, the business posted $0.65 earnings per share. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. As a group, sell-side analysts forecast that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Patrick K. Callahan sold 29,675 shares of the firm’s 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 completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 39,139 shares of company stock valued at $7,458,139 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PGR shares. UBS Group raised their target price on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Wells Fargo & Company upped their price objective on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Piper Sandler restated an “overweight” rating and set a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. HSBC increased their price objective on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Finally, BMO Capital Markets upped their target price on shares of Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus price target of $211.88.

Progressive 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.