Cumberland Partners Ltd Sells 18,984 Shares of The Progressive Corporation $PGR

Cumberland Partners Ltd cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 67.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,286 shares of the insurance provider’s stock after selling 18,984 shares during the period. Cumberland Partners Ltd’s holdings in Progressive were worth $2,115,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Capital International Investors increased its position in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after acquiring an additional 6,045,732 shares in the last quarter. Capital Research Global Investors increased its position in shares of Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after acquiring an additional 2,314,864 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Progressive by 2,012.0% during the third quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after acquiring an additional 731,207 shares in the last quarter. M&T Bank Corp increased its position in shares of Progressive by 1,363.8% during the fourth quarter. M&T Bank Corp now owns 706,898 shares of the insurance provider’s stock worth $160,975,000 after acquiring an additional 658,607 shares in the last quarter. Finally, Marshfield Associates increased its position in shares of Progressive by 70.8% during the third quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock worth $389,552,000 after acquiring an additional 653,763 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PGR. Wells Fargo & Company boosted their target price on shares of Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Thursday. Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. Piper Sandler reissued an “overweight” rating and set a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Jefferies Financial Group decreased their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Finally, Citigroup reduced their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus target price of $238.11.

Progressive Stock Up 0.2%

Progressive stock opened at $199.28 on Friday. The Progressive Corporation has a twelve month low of $191.75 and a twelve month high of $289.96. The firm has a 50 day moving average price of $200.46 and a 200-day moving average price of $210.22. The company has a market capitalization of $116.45 billion, a P/E ratio of 10.13, a P/E/G ratio of 7.28 and a beta of 0.31. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the prior year, the firm earned $4.37 EPS. The company’s revenue was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Corporation will post 16.37 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio is currently 2.03%.

Insider Activity at Progressive

In other news, insider Karen Bailo sold 3,517 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. Insiders sold 6,933 shares of company stock valued at $1,441,564 over the last quarter. 0.32% of the stock is currently owned by insiders.

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.