Kestra Investment Management LLC Reduces Stock Holdings in The Progressive Corporation $PGR

Kestra Investment Management LLC decreased its position in The Progressive Corporation (NYSE:PGR) by 39.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,462 shares of the insurance provider’s stock after selling 2,947 shares during the period. Kestra Investment Management LLC’s holdings in Progressive were worth $1,016,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. GatePass Capital LLC purchased a new stake in shares of Progressive during the fourth quarter worth $376,000. Harbour Investments Inc. lifted its position in shares of Progressive by 96.9% during the fourth quarter. Harbour Investments Inc. now owns 1,705 shares of the insurance provider’s stock worth $388,000 after acquiring an additional 839 shares in the last quarter. Eukles Asset Management lifted its position in shares of Progressive by 1.5% during the fourth quarter. Eukles Asset Management now owns 20,182 shares of the insurance provider’s stock worth $4,596,000 after acquiring an additional 295 shares in the last quarter. Allstate Corp lifted its position in shares of Progressive by 106.1% during the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after acquiring an additional 22,915 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Progressive by 2.5% during the fourth quarter. Fisher Asset Management LLC now owns 9,904 shares of the insurance provider’s stock worth $2,255,000 after acquiring an additional 240 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PGR shares. BMO Capital Markets restated a “market perform” rating and set a $220.00 target price on shares of Progressive in a research report on Wednesday, May 20th. Piper Sandler restated an “overweight” rating and set a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Bank of America dropped their target price on Progressive from $325.00 to $320.00 and set a “buy” rating on the stock in a research report on Wednesday, May 20th. The Goldman Sachs Group restated a “buy” rating and set a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. Finally, Citigroup dropped their target price on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive Trading Down 0.2%

Shares of PGR stock opened at $199.05 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 52-week low of $191.75 and a 52-week high of $289.96. The company has a market capitalization of $116.31 billion, a PE ratio of 10.12, a price-to-earnings-growth ratio of 7.30 and a beta of 0.31. The business’s fifty day moving average is $200.22 and its 200 day moving average is $210.12.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.37 earnings per share. On average, equities research analysts anticipate that The Progressive Corporation will post 16.36 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insiders Place Their Bets

In related news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 3,517 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 3,928 shares of company stock worth $831,251. 0.32% of the stock is owned by insiders.

About Progressive

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.