Allspring Global Investments Holdings LLC Has $66.92 Million Stock Holdings in The Progressive Corporation $PGR

Allspring Global Investments Holdings LLC reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 13.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 346,096 shares of the insurance provider’s stock after selling 54,370 shares during the period. Allspring Global Investments Holdings LLC owned about 0.06% of Progressive worth $66,921,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Allstate Corp boosted its stake in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after purchasing an additional 22,915 shares during the last quarter. Norges Bank bought a new position in Progressive during the fourth quarter worth $1,836,094,000. Investment House LLC bought a new position in Progressive during the fourth quarter worth $8,447,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Progressive by 5.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock valued at $411,506,000 after buying an additional 97,275 shares during the period. Finally, Van Cleef Asset Management Inc lifted its holdings in Progressive by 1.2% in the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock valued at $173,429,000 after buying an additional 9,017 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the transaction, the insider directly owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,230 shares of company stock worth $3,165,817 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Progressive News Roundup

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
• Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
• Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
• Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
• Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
• Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut

Analyst Ratings Changes

A number of brokerages have weighed in on PGR. William Blair reiterated a “market perform” rating on shares of Progressive in a report on Wednesday. UBS Group boosted their price objective on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. HSBC upped their target price on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Mizuho lifted their target price on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, Royal Bank Of Canada set a $208.00 price target on Progressive in a research note on Friday, May 22nd. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $235.05.

Progressive Stock Up 0.9%

PGR stock opened at $207.73 on Friday. The firm has a market capitalization of $121.38 billion, a PE ratio of 10.42, a P/E/G ratio of 3.87 and a beta of 0.26. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The stock’s 50 day moving average is $208.77 and its 200-day moving average is $206.50.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.37 earnings per share. Sell-side analysts expect that The Progressive Corporation will post 17.39 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s payout ratio is currently 2.03%.

Progressive 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.