Prospera Financial Services Inc Sells 7,243 Shares of The Progressive Corporation $PGR

Prospera Financial Services Inc decreased its position in The Progressive Corporation (NYSE:PGR) by 37.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,997 shares of the insurance provider’s stock after selling 7,243 shares during the quarter. Prospera Financial Services Inc’s holdings in Progressive were worth $2,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after acquiring an additional 593,612 shares during the last quarter. State Street Corp boosted its holdings in shares of Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after purchasing an additional 78,374 shares during the period. Capital International Investors boosted its holdings in shares of Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after purchasing an additional 6,045,732 shares during the period. Capital Research Global Investors boosted its holdings in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Progressive by 4.9% in the 3rd quarter. Legal & General Group Plc now owns 4,196,111 shares of the insurance provider’s stock worth $1,036,230,000 after purchasing an additional 197,603 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares in the company, valued at $115,227. The trade was a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,928 shares of company stock valued at $831,251. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PGR shares. Bank of America dropped their target price on Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, May 20th. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. UBS Group lifted their target price on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a report on Friday. Finally, Roth Mkm set a $235.00 target price on Progressive in a report on Thursday, February 19th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $238.11.

Progressive Price Performance

PGR opened at $199.05 on Wednesday. The business has a fifty day moving average of $200.22 and a 200 day moving average of $210.12. The Progressive Corporation has a 52-week low of $191.75 and a 52-week high of $289.96. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market cap of $116.31 billion, a P/E ratio of 10.12, a PEG ratio of 7.30 and a beta of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the previous year, the business earned $4.37 EPS. Progressive’s revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Progressive Corporation will post 16.36 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.