Calamos Advisors LLC reduced its holdings in Progressive Corp (NYSE:PGR) by 4.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 145,670 shares of the insurance provider’s stock after selling 7,365 shares during the quarter. Calamos Advisors LLC’s holdings in Progressive were worth $10,545,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. First Financial Corp IN acquired a new position in shares of Progressive during the 3rd quarter valued at $25,000. Simon Quick Advisors LLC increased its position in shares of Progressive by 562.0% during the 4th quarter. Simon Quick Advisors LLC now owns 523 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 444 shares during the period. Carroll Financial Associates Inc. increased its position in shares of Progressive by 26.6% during the 4th quarter. Carroll Financial Associates Inc. now owns 647 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 136 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of Progressive during the 3rd quarter valued at $53,000. Finally, HM Payson & Co. acquired a new position in shares of Progressive during the 2nd quarter valued at $64,000. Hedge funds and other institutional investors own 78.69% of the company’s stock.
Several research firms have recently weighed in on PGR. Credit Suisse Group reduced their price objective on Progressive from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Deutsche Bank raised Progressive from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a research note on Thursday, January 2nd. Buckingham Research reduced their price objective on Progressive from $78.00 to $72.00 and set a “neutral” rating for the company in a research note on Friday, December 6th. Evercore ISI began coverage on Progressive in a research note on Thursday, October 17th. They set an “in-line” rating and a $78.00 price objective for the company. Finally, ValuEngine lowered Progressive from a “hold” rating to a “sell” rating in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. Progressive has an average rating of “Hold” and an average price target of $81.00.
PGR opened at $75.72 on Thursday. The firm has a market cap of $43.41 billion, a PE ratio of 17.13, a P/E/G ratio of 1.88 and a beta of 0.64. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $72.78 and a 200-day simple moving average of $75.38. Progressive Corp has a fifty-two week low of $61.84 and a fifty-two week high of $84.96.
Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. On average, equities research analysts anticipate that Progressive Corp will post 5.2 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 8th were given a $0.10 dividend. The ex-dividend date was Tuesday, January 7th. This represents a $0.40 annualized dividend and a dividend yield of 0.53%. Progressive’s dividend payout ratio (DPR) is presently 9.05%.
In other news, insider Steven Broz sold 5,000 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $70.84, for a total value of $354,200.00. Following the completion of the sale, the insider now owns 25,295 shares of the company’s stock, valued at $1,791,897.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 22,614 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $71.99, for a total value of $1,627,981.86. Following the completion of the sale, the chief executive officer now directly owns 376,308 shares of the company’s stock, valued at approximately $27,090,412.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,895 shares of company stock valued at $3,263,586. 0.39% of the stock is currently owned by insiders.
Progressive Company Profile
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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