The Progressive Co. (NYSE:PGR) Stock Position Raised by Ghe LLC

Ghe LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 0.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 28,562 shares of the insurance provider’s stock after purchasing an additional 69 shares during the quarter. Progressive makes up about 2.8% of Ghe LLC’s investment portfolio, making the stock its 6th largest position. Ghe LLC’s holdings in Progressive were worth $4,549,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Bailard Inc. grew its position in Progressive by 1.5% in the fourth quarter. Bailard Inc. now owns 16,322 shares of the insurance provider’s stock valued at $2,600,000 after acquiring an additional 238 shares in the last quarter. Sycomore Asset Management lifted its stake in Progressive by 294.6% in the fourth quarter. Sycomore Asset Management now owns 8,546 shares of the insurance provider’s stock valued at $1,347,000 after buying an additional 6,380 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in Progressive by 5.3% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,827 shares of the insurance provider’s stock valued at $2,202,000 after buying an additional 693 shares during the last quarter. Carret Asset Management LLC lifted its stake in Progressive by 19.2% in the fourth quarter. Carret Asset Management LLC now owns 20,500 shares of the insurance provider’s stock valued at $3,265,000 after buying an additional 3,300 shares during the last quarter. Finally, Alaska Permanent Fund Corp increased its holdings in shares of Progressive by 7,429.0% during the fourth quarter. Alaska Permanent Fund Corp now owns 29,589 shares of the insurance provider’s stock valued at $4,713,000 after purchasing an additional 29,196 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a report on Monday, April 1st. Jefferies Financial Group lifted their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. Roth Mkm lifted their price target on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. JPMorgan Chase & Co. raised their price objective on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, The Goldman Sachs Group raised their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Stock Performance

NYSE PGR traded down $1.82 on Wednesday, hitting $212.20. 2,632,827 shares of the stock traded hands, compared to its average volume of 2,620,038. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $216.21. The business’s fifty day moving average is $201.66 and its two-hundred day moving average is $176.83. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The firm has a market capitalization of $124.29 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 0.84 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (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 company 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 analysts anticipate that The Progressive Co. will post 11.22 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling

In other Progressive 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 sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 sale, the director now directly 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 over the last ninety days. 0.34% of the stock is owned by insiders.

Progressive 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.