Zurcher Kantonalbank Zurich Cantonalbank Has $33.52 Million Holdings in The Progressive Co. (NYSE:PGR)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of The Progressive Co. (NYSE:PGR) by 2.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 210,460 shares of the insurance provider’s stock after purchasing an additional 4,443 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Progressive were worth $33,522,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PGR. Wellington Management Group LLP grew its position in shares of Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after buying an additional 2,666,449 shares during the period. Alliancebernstein L.P. grew its position in shares of Progressive by 4.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock worth $1,291,249,000 after buying an additional 403,527 shares during the period. Bank of New York Mellon Corp grew its position in shares of Progressive by 10.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock worth $963,463,000 after buying an additional 655,706 shares during the period. Morgan Stanley grew its position in shares of Progressive by 25.4% during the 4th quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after buying an additional 1,361,665 shares during the period. Finally, Moneta Group Investment Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter worth approximately $840,885,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other news, insider Patrick K. Callahan sold 29,675 shares of the firm’s 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 completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Patrick K. Callahan sold 29,675 shares of the firm’s 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 completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Roth Mkm raised their price objective on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. BMO Capital Markets increased their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a report on Monday, April 1st. Wells Fargo & Company increased their target price on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Finally, UBS Group increased their target price on Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $208.31.

Progressive Price Performance

Shares of NYSE:PGR opened at $208.35 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $198.20 and its two-hundred day simple moving average is $174.08. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $212.24. The stock has a market cap of $122.03 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35.

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, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period last year, the business earned $0.65 EPS. The business’s revenue was up 17.7% on a year-over-year basis. As a group, analysts forecast that The Progressive Co. will post 10.73 EPS for the current fiscal year.

Progressive Dividend Announcement

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

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.