Redpoint Investment Management Pty Ltd boosted its stake in The Progressive Co. (NYSE:PGR) by 11.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,498 shares of the insurance provider’s stock after buying an additional 1,953 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in The Progressive were worth $1,829,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Financial Corp IN raised its position in The Progressive by 31.1% in the 3rd quarter. First Financial Corp IN now owns 464 shares of the insurance provider’s stock valued at $44,000 after buying an additional 110 shares during the last quarter. HM Payson & Co. increased its position in shares of The Progressive by 74.0% during the 3rd quarter. HM Payson & Co. now owns 583 shares of the insurance provider’s stock valued at $55,000 after purchasing an additional 248 shares during the last quarter. Carroll Financial Associates Inc. increased its position in shares of The Progressive by 28.2% during the 4th quarter. Carroll Financial Associates Inc. now owns 614 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 135 shares during the last quarter. Cerebellum GP LLC purchased a new stake in shares of The Progressive during the 3rd quarter valued at $63,000. Finally, First Horizon Advisors Inc. increased its position in shares of The Progressive by 21.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 745 shares of the insurance provider’s stock valued at $70,000 after purchasing an additional 132 shares during the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on PGR shares. Morgan Stanley decreased their target price on The Progressive from $103.00 to $98.00 and set an “equal weight” rating for the company in a research report on Tuesday. B. Riley raised their target price on The Progressive from $88.00 to $96.00 and gave the company a “neutral” rating in a research report on Thursday, January 7th. The Goldman Sachs Group lowered The Progressive from a “neutral” rating to a “sell” rating and decreased their target price for the company from $92.00 to $90.00 in a research report on Friday, January 8th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered The Progressive from a “buy” rating to a “neutral” rating and decreased their target price for the company from $102.00 to $96.00 in a research report on Tuesday, December 8th. Finally, Raymond James reissued a “buy” rating and issued a $115.00 price objective on shares of The Progressive in a report on Wednesday, December 30th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $95.07.
The Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 14th. The insurance provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.69 by $0.18. The Progressive had a return on equity of 28.66% and a net margin of 12.13%. The business had revenue of $10.41 billion during the quarter, compared to the consensus estimate of $10.55 billion. Equities research analysts anticipate that The Progressive Co. will post 7.19 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Friday, January 8th will be paid a $0.10 dividend. The ex-dividend date is Thursday, January 7th. This represents a $0.40 annualized dividend and a yield of 0.42%. The Progressive’s dividend payout ratio is currently 68.45%.
In other news, CMO M Jeffrey Charney sold 5,858 shares of The Progressive stock in a transaction dated Tuesday, December 1st. The stock was sold at an average price of $87.85, for a total transaction of $514,625.30. Also, CEO Susan Patricia Griffith sold 33,750 shares of The Progressive stock in a transaction dated Thursday, November 19th. The shares were sold at an average price of $93.56, for a total value of $3,157,650.00. Following the sale, the chief executive officer now owns 419,105 shares of the company’s stock, valued at approximately $39,211,463.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,150 shares of company stock valued at $6,035,099. 0.38% of the stock is owned by corporate insiders.
The Progressive Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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