Amundi Pioneer Asset Management Inc. reduced its position in The Progressive Co. (NYSE:PGR) by 24.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,946,032 shares of the insurance provider’s stock after selling 1,308,191 shares during the period. Amundi Pioneer Asset Management Inc.’s holdings in The Progressive were worth $390,183,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Baird Financial Group Inc. lifted its position in shares of The Progressive by 0.7% in the fourth quarter. Baird Financial Group Inc. now owns 3,170,430 shares of the insurance provider’s stock worth $313,492,000 after buying an additional 21,674 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of The Progressive in the fourth quarter worth about $1,095,000. Truist Financial Corp lifted its position in shares of The Progressive by 4.8% in the fourth quarter. Truist Financial Corp now owns 163,871 shares of the insurance provider’s stock worth $16,204,000 after buying an additional 7,466 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in The Progressive by 38.4% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 100,346 shares of the insurance provider’s stock worth $18,616,000 after acquiring an additional 27,817 shares during the last quarter. Finally, Inverness Counsel LLC NY increased its stake in The Progressive by 28.1% during the fourth quarter. Inverness Counsel LLC NY now owns 682,239 shares of the insurance provider’s stock worth $67,460,000 after acquiring an additional 149,521 shares during the last quarter. Institutional investors own 81.47% of the company’s stock.
In other news, insider Daniel P. Mascaro sold 2,351 shares of the stock in a transaction on Wednesday, February 3rd. The stock was sold at an average price of $86.17, for a total transaction of $202,585.67. Following the completion of the sale, the insider now owns 35,050 shares in the company, valued at approximately $3,020,258.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,243 shares of the stock in a transaction on Monday, April 5th. The shares were sold at an average price of $95.90, for a total value of $119,203.70. Following the sale, the insider now owns 32,564 shares of the company’s stock, valued at approximately $3,122,887.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,594 shares of company stock valued at $1,418,589. 0.38% of the stock is owned by company insiders.
The Progressive (NYSE:PGR) last posted its earnings results on Monday, March 1st. The insurance provider reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.16. The Progressive had a return on equity of 28.89% and a net margin of 12.13%. Analysts forecast that The Progressive Co. will post 7.4 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, April 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, April 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.42%. The Progressive’s dividend payout ratio is currently 68.45%.
Several brokerages have weighed in on PGR. Wells Fargo & Company cut The Progressive from an “equal weight” rating to an “underweight” rating and set a $99.00 price objective on the stock. in a research note on Monday, January 4th. B. Riley boosted their price objective on The Progressive from $88.00 to $96.00 and gave the stock a “neutral” rating in a research note on Thursday, January 7th. Morgan Stanley reduced their price objective on The Progressive from $91.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 24th. Raymond James reaffirmed a “buy” rating on shares of The Progressive in a research note on Monday, February 22nd. Finally, Edward Jones raised The Progressive from a “hold” rating to a “buy” rating in a research note on Wednesday, March 24th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. The Progressive currently has an average rating of “Hold” and an average price target of $96.69.
The Progressive Profile
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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