Capital International Inc. CA Sells 4,705 Shares of The Progressive Co. (NYSE:PGR)

Capital International Inc. CA reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 7.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,916 shares of the insurance provider’s stock after selling 4,705 shares during the quarter. Capital International Inc. CA’s holdings in Progressive were worth $13,012,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PGR. Vanguard Group Inc. raised its stake in shares of Progressive by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after purchasing an additional 285,070 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Progressive by 3.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock worth $2,378,951,000 after purchasing an additional 520,742 shares during the last quarter. Norges Bank bought a new stake in shares of Progressive in the 4th quarter worth approximately $1,078,831,000. Capital International Investors raised its holdings in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the period. Finally, FIL Ltd lifted its stake in Progressive by 0.4% in the fourth quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock valued at $778,199,000 after purchasing an additional 19,724 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR traded up $2.91 during trading hours on Friday, reaching $215.68. 1,886,729 shares of the company’s stock traded hands, compared to its average volume of 2,595,885. The Progressive Co. has a 12 month low of $124.06 and a 12 month high of $229.00. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.30. The stock has a market cap of $126.32 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 0.75 and a beta of 0.35. The firm’s 50 day simple moving average is $210.37 and its 200-day simple moving average is $200.99.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 EPS. Equities analysts expect that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. HSBC upped their price target on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Roth Mkm reiterated a “buy” rating and set a $235.00 target price on shares of Progressive in a research report on Wednesday, July 17th. Piper Sandler reissued an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Wells Fargo & Company upped their price target on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research note on Monday, June 17th. Finally, BMO Capital Markets lifted their price objective on shares of Progressive from $235.00 to $239.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $222.94.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the sale, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the sale, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold a total of 108,168 shares of company stock worth $22,937,984 in the last 90 days. 0.34% of the stock is owned by company insiders.

Progressive Company Profile

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.