Resona Asset Management Co. Ltd. Sells 6,046 Shares of The Progressive Corporation $PGR

Resona Asset Management Co. Ltd. reduced its stake in The Progressive Corporation (NYSE:PGR) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 210,924 shares of the insurance provider’s stock after selling 6,046 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Progressive were worth $48,059,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Klingman & Associates LLC raised its holdings in Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after acquiring an additional 48 shares during the period. Wealthstream Advisors Inc. raised its holdings in Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 49 shares during the period. Revisor Wealth Management LLC raised its holdings in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 50 shares during the period. Cullen Investment Group LTD. raised its holdings in Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after acquiring an additional 52 shares during the period. Finally, Pines Wealth Management LLC raised its holdings in Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after acquiring an additional 52 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

NYSE PGR opened at $203.91 on Tuesday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $119.15 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 5.77 and a beta of 0.31. The firm’s 50 day simple moving average is $200.89 and its 200 day simple moving average is $210.40. The Progressive Corporation has a 1 year low of $191.75 and a 1 year high of $289.96.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $4.37 EPS. As a group, research analysts expect that The Progressive Corporation will post 16.4 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PGR shares. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. The Goldman Sachs Group restated a “buy” rating and set a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. BMO Capital Markets raised their target price on shares of Progressive from $208.00 to $221.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Finally, Wells Fargo & Company raised their target price on shares of Progressive from $215.00 to $218.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $238.39.

Insider Activity

In related news, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the sale, the executive owned 26,250 shares in the company, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider owned 32,348 shares in the company, valued at $6,857,776. This represents a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 6,933 shares of company stock worth $1,441,564. Insiders own 0.32% of the company’s stock.

Progressive Profile

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.