The Progressive Co. (NYSE:PGR) Shares Sold by Cetera Advisor Networks LLC

Cetera Advisor Networks LLC lessened its holdings in shares of The Progressive Co. (NYSE:PGRFree Report) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,640 shares of the insurance provider’s stock after selling 752 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Progressive were worth $4,880,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Sachetta LLC acquired a new stake in Progressive during the 4th quarter valued at approximately $25,000. Valley National Advisers Inc. grew its stake in Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new stake in Progressive during the 4th quarter valued at approximately $39,000. Criterion Capital Advisors LLC acquired a new stake in Progressive during the 4th quarter valued at approximately $47,000. Finally, BOK Financial Private Wealth Inc. acquired a new stake in Progressive during the 4th quarter valued at approximately $48,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.3 %

PGR opened at $212.53 on Monday. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market cap of $124.48 billion, a P/E ratio of 21.75, a P/E/G ratio of 0.81 and a beta of 0.35. The stock’s 50 day moving average price is $209.53 and its 200 day moving average price is $189.04.

Progressive (NYSE:PGRGet Free Report) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period last year, the firm earned $0.65 EPS. The firm’s revenue was up 17.7% compared to the same quarter last year. As a group, research analysts predict that The Progressive Co. will post 11.64 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PGR. UBS Group increased their target price on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a report on Monday, April 1st. Morgan Stanley increased their target price on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Citigroup increased their target price on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods increased their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $215.19.

Read Our Latest Analysis on Progressive

Insider Activity

In other news, 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 transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, 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 transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,818 shares of company stock worth $4,280,482. 0.34% of the stock is owned by company insiders.

Progressive Company 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.

Further Reading

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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