Impax Asset Management Group plc lifted its position in Progressive Corp (NYSE:PGR) by 2.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,924 shares of the insurance provider’s stock after buying an additional 215 shares during the quarter. Impax Asset Management Group plc’s holdings in Progressive were worth $478,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Lindbrook Capital LLC bought a new stake in Progressive in the 4th quarter valued at $27,000. Karp Capital Management Corp bought a new stake in Progressive in the 4th quarter valued at $32,000. Capital Investment Advisory Services LLC bought a new stake in Progressive in the 4th quarter valued at $33,000. JOYN Advisors Inc. increased its holdings in Progressive by 46.3% in the 4th quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock valued at $35,000 after buying an additional 186 shares during the period. Finally, Rehmann Capital Advisory Group increased its holdings in Progressive by 88.5% in the 3rd quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock valued at $51,000 after buying an additional 339 shares during the period. Institutional investors and hedge funds own 79.35% of the company’s stock.
In other Progressive news, insider John A. Barbagallo sold 45,000 shares of Progressive stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $65.44, for a total value of $2,944,800.00. Following the transaction, the insider now owns 132,370 shares in the company, valued at $8,662,292.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John A. Barbagallo sold 5,948 shares of Progressive stock in a transaction dated Thursday, January 3rd. The shares were sold at an average price of $58.96, for a total value of $350,694.08. Following the completion of the transaction, the insider now owns 177,370 shares in the company, valued at approximately $10,457,735.20. The disclosure for this sale can be found here. Insiders have sold a total of 120,048 shares of company stock valued at $8,073,519 in the last ninety days. Insiders own 0.70% of the company’s stock.
Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.57). The business had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $7.86 billion. Progressive had a return on equity of 24.83% and a net margin of 8.16%. Progressive’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 earnings per share. As a group, sell-side analysts expect that Progressive Corp will post 5.07 earnings per share for the current fiscal year.
The firm also recently declared an annual dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be issued a dividend of $0.10 per share. This represents a yield of 0.14%. The ex-dividend date is Thursday, April 4th. Progressive’s dividend payout ratio is 56.79%.
Several equities research analysts have issued reports on the stock. Citigroup boosted their price target on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. Credit Suisse Group reissued a “buy” rating and issued a $73.00 price target on shares of Progressive in a report on Thursday, January 3rd. Wells Fargo & Co reissued a “hold” rating and issued a $70.00 price target on shares of Progressive in a report on Wednesday, January 23rd. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Finally, B. Riley raised shares of Progressive from a “neutral” rating to a “buy” rating and boosted their price target for the company from $71.00 to $81.00 in a report on Tuesday, December 11th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive presently has a consensus rating of “Buy” and an average price target of $72.50.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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