The Progressive Co. (NYSE:PGR) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN cut its position in The Progressive Co. (NYSE:PGR) by 70.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,346 shares of the insurance provider’s stock after selling 5,653 shares during the period. OLD National Bancorp IN’s holdings in Progressive were worth $374,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PGR. Arkadios Wealth Advisors acquired a new position in shares of Progressive in the third quarter valued at about $228,000. Proficio Capital Partners LLC grew its holdings in Progressive by 5.7% during the third quarter. Proficio Capital Partners LLC now owns 1,933 shares of the insurance provider’s stock worth $269,000 after acquiring an additional 104 shares during the period. RDA Financial Network grew its holdings in Progressive by 27.6% during the third quarter. RDA Financial Network now owns 2,250 shares of the insurance provider’s stock worth $313,000 after acquiring an additional 486 shares during the period. Coronation Fund Managers Ltd. grew its holdings in Progressive by 18.1% during the third quarter. Coronation Fund Managers Ltd. now owns 42,506 shares of the insurance provider’s stock worth $5,921,000 after acquiring an additional 6,523 shares during the period. Finally, Financial Strategies Group Inc. grew its holdings in Progressive by 11.9% during the third quarter. Financial Strategies Group Inc. now owns 21,841 shares of the insurance provider’s stock worth $3,042,000 after acquiring an additional 2,316 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was 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 of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,139 shares of company stock worth $7,458,139. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

NYSE PGR opened at $212.20 on Thursday. The company has a market cap of $124.29 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 0.85 and a beta of 0.35. The stock’s 50 day simple moving average is $201.66 and its 200-day simple moving average is $176.83. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $216.21. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter last year, the business posted $0.65 earnings per share. The firm’s revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts anticipate that The Progressive Co. will post 11.22 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

Analysts Set New Price Targets

PGR has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Wells Fargo & Company raised their target price on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. TD Cowen initiated coverage on Progressive in a report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. Bank of America dropped their target price on Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. Finally, BMO Capital Markets raised their price objective on Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $211.88.

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.