Marietta Investment Partners LLC Sells 8,406 Shares of The Progressive Corporation $PGR

Marietta Investment Partners LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 86.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,275 shares of the insurance provider’s stock after selling 8,406 shares during the period. Marietta Investment Partners LLC’s holdings in Progressive were worth $290,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Dagco Inc. bought a new stake in Progressive in the fourth quarter worth approximately $28,000. Ameriflex Group Inc. grew its holdings in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Entrust Financial LLC acquired a new position in Progressive during the fourth quarter valued at approximately $33,000. Kingdom Financial Group LLC. acquired a new position in Progressive during the fourth quarter valued at approximately $34,000. Finally, Bangor Savings Bank grew its holdings in Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wells Fargo & Company increased their price target on Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. BMO Capital Markets reiterated a “market perform” rating and issued a $220.00 target price on shares of Progressive in a report on Wednesday, May 20th. Piper Sandler reiterated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Finally, Roth Mkm set a $235.00 target price on shares of Progressive in a report on Thursday, February 19th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $238.11.

Progressive Trading Up 1.1%

Shares of Progressive stock opened at $195.60 on Friday. The company’s fifty day simple moving average is $198.86 and its 200-day simple moving average is $208.90. The company has a market cap of $114.29 billion, a price-to-earnings ratio of 9.94, a PEG ratio of 5.61 and a beta of 0.28. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $283.95.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $4.37 earnings per share. As a group, sell-side analysts expect that The Progressive Corporation will post 16.33 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Insider Activity

In other news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.32% of the company’s stock.

Progressive Company 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.