USA Financial Formulas Sells 1,137 Shares of The Progressive Co. (NYSE:PGR)

USA Financial Formulas lessened its stake in shares of The Progressive Co. (NYSE:PGRFree Report) by 22.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,971 shares of the insurance provider’s stock after selling 1,137 shares during the period. USA Financial Formulas’ holdings in Progressive were worth $951,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Raleigh Capital Management Inc. raised its stake in shares of Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares in the last quarter. LRI Investments LLC increased its holdings in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after buying an additional 42 shares during the last quarter. Castleview Partners LLC raised its position in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares in the last quarter. Washington Trust Bank lifted its stake in Progressive by 4.6% in the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after acquiring an additional 45 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its position in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 46 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. raised their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Barclays decreased their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, TD Cowen upped their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $275.24.

Get Our Latest Stock Analysis on Progressive

Insider Activity

In other news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,919 shares of company stock worth $8,222,168. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE:PGR opened at $242.17 on Thursday. The company’s 50 day simple moving average is $251.06 and its 200 day simple moving average is $242.00. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $166.92 and a 1 year high of $270.62. The stock has a market capitalization of $141.87 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, research analysts predict that The Progressive Co. will post 13.52 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Progressive Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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