Brown Advisory Inc. lessened its position in Progressive Corp (NYSE:PGR) by 4.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 44,567 shares of the insurance provider’s stock after selling 2,167 shares during the quarter. Brown Advisory Inc.’s holdings in Progressive were worth $2,510,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently added to or reduced their stakes in the stock. State of Tennessee Treasury Department increased its holdings in shares of Progressive by 13.9% in the 4th quarter. State of Tennessee Treasury Department now owns 577,624 shares of the insurance provider’s stock worth $32,532,000 after acquiring an additional 70,335 shares during the period. First Republic Investment Management Inc. increased its holdings in shares of Progressive by 72.2% in the 4th quarter. First Republic Investment Management Inc. now owns 31,856 shares of the insurance provider’s stock worth $1,794,000 after acquiring an additional 13,357 shares during the period. LFL Advisers LLC increased its holdings in shares of Progressive by 7.7% in the 4th quarter. LFL Advisers LLC now owns 104,282 shares of the insurance provider’s stock worth $5,873,000 after acquiring an additional 7,485 shares during the period. Norinchukin Bank The increased its holdings in shares of Progressive by 12.6% in the 4th quarter. Norinchukin Bank The now owns 29,157 shares of the insurance provider’s stock worth $1,642,000 after acquiring an additional 3,260 shares during the period. Finally, FDx Advisors Inc. increased its holdings in shares of Progressive by 2.2% in the 4th quarter. FDx Advisors Inc. now owns 51,245 shares of the insurance provider’s stock worth $2,886,000 after acquiring an additional 1,122 shares during the period. 79.72% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the transaction, the insider now owns 137,722 shares in the company, valued at approximately $7,726,204.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.02. Progressive had a net margin of 6.88% and a return on equity of 20.98%. The company had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the firm posted $0.66 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. sell-side analysts expect that Progressive Corp will post 3.52 earnings per share for the current year.
The firm also recently disclosed an annual dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, February 2nd were given a dividend of $1.125 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a dividend yield of 0.0203325501536237%. Progressive’s dividend payout ratio (DPR) is 41.18%.
A number of research firms recently weighed in on PGR. UBS Group increased their price objective on shares of Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Progressive in a report on Wednesday, December 6th. MKM Partners increased their price objective on shares of Progressive to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. Wells Fargo & Co set a $57.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Wednesday, February 14th. Finally, Goldman Sachs Group started coverage on shares of Progressive in a research note on Monday, December 4th. They set a “buy” rating and a $57.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Progressive presently has a consensus rating of “Hold” and a consensus target price of $50.65.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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