Leeward Investments LLC MA Sells 53,832 Shares of The Progressive Co. (NYSE:PGR)

Leeward Investments LLC MA lowered its holdings in The Progressive Co. (NYSE:PGR) by 36.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,955 shares of the insurance provider’s stock after selling 53,832 shares during the period. Leeward Investments LLC MA’s holdings in Progressive were worth $14,806,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP raised its holdings in shares of Progressive by 14.1% in 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 acquiring an additional 2,666,449 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Progressive by 10.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after acquiring an additional 655,706 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Progressive by 2.8% in the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after acquiring an additional 162,916 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Progressive by 2.9% in the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock valued at $785,814,000 after acquiring an additional 156,332 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Progressive by 31.8% in the 3rd quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after acquiring an additional 1,154,591 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $208.00 on Friday. The firm has a market cap of $121.83 billion, a P/E ratio of 21.29, a P/E/G ratio of 0.82 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $216.21. The business’s 50 day moving average price is $202.45 and its 200-day moving average price is $177.51. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. On average, equities research analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred 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 sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred 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 sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock worth $7,458,139 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PGR. Wells Fargo & Company raised their price objective on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. HSBC raised their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. UBS Group raised their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Roth Mkm raised their price objective on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. Finally, Piper Sandler reissued an “overweight” rating and set a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $211.88.

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.