TIAA Trust National Association Sells 335 Shares of The Progressive Co. (NYSE:PGR)

TIAA Trust National Association reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,745 shares of the insurance provider’s stock after selling 335 shares during the quarter. TIAA Trust National Association’s holdings in Progressive were worth $915,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PGR. Harbour Investments Inc. grew its stake in shares of Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after buying an additional 108 shares in the last quarter. Sunbelt Securities Inc. bought a new position in shares of Progressive in the first quarter valued at $31,000. DecisionPoint Financial LLC bought a new position in shares of Progressive in the second quarter valued at $35,000. Neo Ivy Capital Management bought a new position in shares of Progressive in the second quarter valued at $35,000. Finally, Arlington Trust Co LLC bought a new position in shares of Progressive in the third quarter valued at $36,000. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction dated 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 transaction, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders sold a total of 44,629 shares of company stock valued at $8,348,176 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Down 0.7 %

PGR opened at $209.26 on Friday. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $212.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $122.56 billion, a P/E ratio of 31.80, a P/E/G ratio of 0.94 and a beta of 0.35. The stock has a fifty day moving average of $193.26 and a 200-day moving average of $169.73.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.53. The company had revenue of $16.89 billion during the quarter, compared to the consensus estimate of $16.10 billion. Progressive had a return on equity of 21.25% and a net margin of 6.28%. During the same quarter last year, the firm earned $1.52 earnings per share. On average, equities analysts expect that The Progressive Co. will post 9.9 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, April 4th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 6.08%.

Analyst Upgrades and Downgrades

PGR has been the subject of several analyst reports. UBS Group raised their target price on shares of Progressive from $159.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price target on shares of Progressive in a report on Monday. Morgan Stanley raised Progressive from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $185.00 to $227.00 in a report on Wednesday, March 6th. Citigroup raised their price target on Progressive from $192.00 to $202.00 and gave the company a “neutral” rating in a report on Monday, March 18th. Finally, Roth Mkm raised 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. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $188.50.

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.