The Progressive Co. (NYSE:PGR) Stock Holdings Lifted by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd lifted its position in The Progressive Co. (NYSE:PGRFree Report) by 9.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 83,479 shares of the insurance provider’s stock after acquiring an additional 6,886 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Progressive were worth $13,297,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Giverny Capital Inc. boosted its position in Progressive by 2.9% during the 3rd quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock worth $69,849,000 after acquiring an additional 14,022 shares during the period. Invesco LLC boosted its stake in shares of Progressive by 2.0% during the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after buying an additional 70 shares during the period. Strs Ohio increased its stake in shares of Progressive by 3.1% in the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock worth $26,788,000 after acquiring an additional 4,983 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Progressive by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 210,460 shares of the insurance provider’s stock worth $33,522,000 after acquiring an additional 4,443 shares in the last quarter. Finally, First Affirmative Financial Network acquired a new stake in Progressive during the fourth quarter valued at $295,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now 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 sold 46,500 shares of company stock worth $8,983,706 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

PGR traded up $2.40 during trading on Tuesday, reaching $209.38. 2,632,569 shares of the company’s stock were exchanged, compared to its average volume of 2,578,970. The company has a market capitalization of $122.63 billion, a P/E ratio of 21.19, a PEG ratio of 0.81 and a beta of 0.34. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $208.57 and a 200 day moving average price of $184.25. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the prior year, the business posted $0.65 earnings per share. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. As a group, analysts predict that The Progressive Co. will post 11.53 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Analysts Set New Price Targets

A number of equities analysts recently commented on PGR shares. JPMorgan Chase & Co. increased their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Wells Fargo & Company reduced their price objective on shares of Progressive from $244.00 to $243.00 and set an “overweight” rating for the company in a research note on Monday. BMO Capital Markets increased their target price on shares of Progressive from $234.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. The Goldman Sachs Group boosted their price target on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research report on Monday, March 25th. Finally, Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $215.19.

View Our Latest Stock Report on Progressive

Progressive Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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