Sei Investments Co. Sells 147,355 Shares of The Progressive Co. (NYSE:PGR)

Sei Investments Co. trimmed its position in The Progressive Co. (NYSE:PGRFree Report) by 31.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 322,825 shares of the insurance provider’s stock after selling 147,355 shares during the period. Sei Investments Co. owned approximately 0.06% of Progressive worth $51,421,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Wellington Management Group LLP boosted its stake in Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Progressive by 3.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after purchasing an additional 520,742 shares during the last quarter. Norges Bank acquired a new position in Progressive during the 4th quarter valued at about $1,078,831,000. Northern Trust Corp boosted its stake in Progressive by 2.8% during the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after purchasing an additional 162,916 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Progressive by 2.9% during the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock valued at $785,814,000 after purchasing an additional 156,332 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. Jefferies Financial Group boosted their target price on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Bank of America boosted their target price on Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. Keefe, Bruyette & Woods boosted their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, Roth Mkm boosted their target price on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $215.69.

View Our Latest Research Report on Progressive

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’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 sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO John P. Sauerland sold 12,457 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the company’s 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 in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 20,818 shares of company stock valued at $4,280,482 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 1.1 %

Shares of PGR stock opened at $210.27 on Tuesday. The company’s fifty day simple moving average is $209.54 and its two-hundred day simple moving average is $189.38. 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 Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77. The stock has a market capitalization of $123.16 billion, a price-to-earnings ratio of 21.52, a PEG ratio of 0.81 and a beta of 0.35.

Progressive (NYSE:PGRGet Free Report) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the previous year, the firm posted $0.65 EPS. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, analysts anticipate that The Progressive Co. will post 11.64 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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