The Progressive Corporation $PGR Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 7.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,495 shares of the insurance provider’s stock after selling 2,791 shares during the period. iA Global Asset Management Inc.’s holdings in Progressive were worth $7,400,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

PGR has been the topic of several analyst reports. BMO Capital Markets lifted their price target on shares of Progressive from $208.00 to $221.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. Wells Fargo & Company lifted their price target on shares of Progressive from $215.00 to $218.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. UBS Group lifted their price target on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research report on Monday, March 23rd. Finally, Jefferies Financial Group reduced their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research report on Tuesday, March 24th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $238.39.

Progressive Stock Up 0.0%

Shares of NYSE PGR opened at $199.83 on Monday. The firm has a market cap of $116.77 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 5.77 and a beta of 0.31. 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 Progressive Corporation has a 52-week low of $191.75 and a 52-week high of $289.96. The business’s 50 day moving average is $201.02 and its two-hundred day moving average is $210.46.

Progressive (NYSE:PGR) last announced its earnings results 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. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.37 earnings per share. Research analysts predict that The Progressive Corporation will post 16.4 EPS for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 6,933 shares of company stock worth $1,441,564. 0.32% of the stock is currently owned by insiders.

Progressive Company 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.