SVB Wealth LLC Cuts Position in The Progressive Co. (NYSE:PGR)

SVB Wealth LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 1.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,417 shares of the insurance provider’s stock after selling 610 shares during the quarter. SVB Wealth LLC’s holdings in Progressive were worth $5,960,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PGR. Donaldson Capital Management LLC grew its position in shares of Progressive by 13.2% in the 4th quarter. Donaldson Capital Management LLC now owns 13,698 shares of the insurance provider’s stock worth $2,182,000 after acquiring an additional 1,596 shares in the last quarter. Invesco LLC grew its position in shares of Progressive by 2.0% in the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after acquiring an additional 70 shares in the last quarter. Mcdonald Capital Investors Inc. CA grew its position in shares of Progressive by 0.9% in the 4th quarter. Mcdonald Capital Investors Inc. CA now owns 1,388,686 shares of the insurance provider’s stock worth $221,190,000 after acquiring an additional 11,765 shares in the last quarter. Cullen Investment Group LTD. acquired a new position in shares of Progressive in the 4th quarter worth approximately $1,546,000. Finally, BOK Financial Private Wealth Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $48,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of NYSE PGR opened at $208.35 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $122.03 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 0.86 and a beta of 0.35. The stock’s fifty day simple moving average is $198.20 and its 200 day simple moving average is $174.08. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $212.24.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 EPS. As a group, sell-side analysts forecast that The Progressive Co. will post 10.73 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio is 4.09%.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Bank of America cut their price target on Progressive from $265.00 to $264.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. Jefferies Financial Group raised their price target on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company lifted their target price on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. lifted their target price on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $208.31.

Insider Activity

In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Progressive Profile

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.