Allspring Global Investments Holdings LLC Cuts Holdings in The Progressive Corporation $PGR

Allspring Global Investments Holdings LLC lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 42.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 400,466 shares of the insurance provider’s stock after selling 294,487 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of Progressive worth $84,947,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. James Hambro & Partners LLP raised its position in Progressive by 3.1% in the fourth quarter. James Hambro & Partners LLP now owns 522,219 shares of the insurance provider’s stock valued at $118,943,000 after purchasing an additional 15,922 shares during the period. J. Safra Sarasin Holding AG boosted its position in shares of Progressive by 7.0% in the fourth quarter. J. Safra Sarasin Holding AG now owns 3,737 shares of the insurance provider’s stock worth $851,000 after buying an additional 243 shares during the period. Mn Services Vermogensbeheer B.V. grew its stake in shares of Progressive by 1.8% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 226,980 shares of the insurance provider’s stock valued at $51,688,000 after buying an additional 3,907 shares in the last quarter. ORG Partners LLC grew its stake in shares of Progressive by 38.9% in the fourth quarter. ORG Partners LLC now owns 343 shares of the insurance provider’s stock valued at $78,000 after buying an additional 96 shares in the last quarter. Finally, Embree Financial Group purchased a new stake in shares of Progressive during the 4th quarter valued at about $206,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PGR. Argus raised shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research report on Friday. Piper Sandler restated an “overweight” rating and issued a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Finally, Mizuho cut their price target on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $238.39.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Maribel Pumarejo sold 739 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 11,687 shares of company stock valued at $2,413,044. Company insiders own 0.33% of the company’s stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $198.27 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average price is $205.58 and its two-hundred day moving average price is $218.61. The Progressive Corporation has a 52-week low of $196.38 and a 52-week high of $289.96. The stock has a market capitalization of $115.98 billion, a P/E ratio of 10.30, a P/E/G ratio of 5.80 and a beta of 0.33.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.