Sigma Planning Corp Sells 3,929 Shares of The Progressive Co. (NYSE:PGR)

Sigma Planning Corp cut its holdings in The Progressive Co. (NYSE:PGR) by 63.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,243 shares of the insurance provider’s stock after selling 3,929 shares during the quarter. Sigma Planning Corp’s holdings in Progressive were worth $357,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after acquiring an additional 2,666,449 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Progressive by 10.5% in the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after acquiring an additional 655,706 shares during the last quarter. Northern Trust Corp lifted its stake in Progressive by 2.8% in the third quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after acquiring an additional 162,916 shares during the last quarter. Deutsche Bank AG lifted its stake in Progressive by 2.9% in the third quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock valued at $785,814,000 after acquiring an additional 156,332 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Progressive by 31.8% in the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after acquiring an additional 1,154,591 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. UBS Group lifted their target price on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Piper Sandler restated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. BMO Capital Markets boosted their price objective on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Jefferies Financial Group boosted their price objective on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, Roth Mkm boosted their price objective on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus target price of $211.88.

Progressive Trading Down 1.0 %

Shares of PGR stock opened at $208.00 on Friday. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $216.21. The firm’s fifty day simple moving average is $202.45 and its 200 day simple moving average is $177.51. The firm has a market capitalization of $121.83 billion, a P/E ratio of 21.29, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. As a group, sell-side analysts predict that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 in the last 90 days. 0.34% of the stock is currently 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.