Amalgamated Bank Cuts Stake in The Progressive Co. (NYSE:PGR)

Amalgamated Bank cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 148,142 shares of the insurance provider’s stock after selling 7,266 shares during the quarter. Amalgamated Bank’s holdings in Progressive were worth $23,596,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Giverny Capital Inc. lifted its holdings in shares of Progressive by 2.9% in the third quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock worth $69,849,000 after buying an additional 14,022 shares in the last quarter. AIA Group Ltd lifted its holdings in shares of Progressive by 4.9% in the third quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider’s stock worth $21,651,000 after buying an additional 7,268 shares in the last quarter. Invesco LLC grew its position in Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after acquiring an additional 70 shares during the last quarter. Strs Ohio grew its position in Progressive by 3.1% during the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock valued at $26,788,000 after acquiring an additional 4,983 shares during the last quarter. Finally, First Affirmative Financial Network bought a new position in Progressive during the fourth quarter valued at approximately $295,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on PGR. Roth Mkm increased their price target on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Citigroup raised their target price on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Morgan Stanley raised their target price on shares of Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. The Goldman Sachs Group raised their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus price target of $211.88.

Progressive Stock Down 0.1 %

Shares of PGR stock traded down $0.31 during mid-day trading on Friday, reaching $208.72. 2,149,844 shares of the company’s stock traded hands, compared to its average volume of 2,608,130. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $216.21. The company has a market cap of $122.25 billion, a P/E ratio of 21.36, a P/E/G ratio of 0.83 and a beta of 0.34. 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 company’s 50-day moving average price is $203.96 and its 200-day moving average price is $179.25.

Progressive (NYSE:PGR) last issued its earnings results 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. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the previous year, the firm earned $0.65 EPS. Progressive’s revenue was up 17.7% on a year-over-year basis. On average, equities analysts expect that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,139 shares of company stock valued at $7,458,139. Insiders own 0.34% of the company’s stock.

About Progressive

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.