Truist Financial Corp Trims Holdings in The Progressive Co. (NYSE:PGR)

Truist Financial Corp trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 32.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,767 shares of the insurance provider’s stock after selling 45,318 shares during the quarter. Truist Financial Corp’s holdings in Progressive were worth $15,254,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Valley National Advisers Inc. lifted its stake in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares during the last quarter. Arlington Trust Co LLC bought a new stake in Progressive during the third quarter worth about $36,000. Pinnacle Bancorp Inc. bought a new stake in Progressive during the fourth quarter worth about $39,000. Criterion Capital Advisors LLC bought a new stake in Progressive during the fourth quarter worth about $47,000. Finally, BOK Financial Private Wealth Inc. bought a new stake in Progressive during the fourth quarter worth about $48,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods boosted their target price on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. The Goldman Sachs Group boosted their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. HSBC boosted their target price on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Finally, Jefferies Financial Group boosted their target price on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $211.88.

Progressive Stock Performance

Progressive stock opened at $208.25 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $121.97 billion, a P/E ratio of 21.32, a PEG ratio of 0.81 and a beta of 0.35. The stock’s 50 day moving average is $203.18 and its 200 day moving average is $178.82. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $216.21.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s revenue was up 17.7% compared to the same quarter last year. During the same period last year, the business posted $0.65 EPS. On average, equities research analysts predict that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Activity

In related 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 value of $208,330.00. Following the transaction, the director now directly 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 SEC, which is available through the SEC website. In other Progressive news, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, 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 ninety 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.