The Progressive Co. (NYSE:PGR) Shares Acquired by Cerity Partners LLC

Cerity Partners LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 213.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 78,764 shares of the insurance provider’s stock after acquiring an additional 53,651 shares during the quarter. Cerity Partners LLC’s holdings in Progressive were worth $12,546,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after acquiring an additional 2,666,449 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Progressive by 4.3% during the second quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock worth $1,291,249,000 after purchasing an additional 403,527 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Progressive by 10.5% during the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock worth $963,463,000 after purchasing an additional 655,706 shares during the period. Morgan Stanley lifted its holdings in shares of Progressive by 25.4% during the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after purchasing an additional 1,361,665 shares during the period. Finally, Moneta Group Investment Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $840,885,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on PGR shares. UBS Group lifted their target price on Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. JPMorgan Chase & Co. lifted 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. Piper Sandler reiterated an “overweight” rating and set a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Keefe, Bruyette & Woods lifted their price target on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Finally, Citigroup lifted their price target on Progressive from $192.00 to $202.00 and gave the company a “neutral” rating in a research report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $202.00.

Progressive Stock Up 0.8 %

Progressive stock opened at $203.90 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $212.24. The stock has a market capitalization of $119.42 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35. The business has a 50 day simple moving average of $197.15 and a 200-day simple moving average of $173.13.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the previous year, the business earned $0.65 earnings per share. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, analysts anticipate that The Progressive Co. will post 10.5 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared 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. This represents a $0.40 annualized dividend and a dividend yield of 0.20%. The ex-dividend date was Wednesday, April 3rd. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the transaction, the insider now owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, CEO Susan Patricia Griffith sold 5,939 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the transaction, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $78,821,329.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the transaction, the insider now directly owns 27,921 shares in the company, valued at approximately $4,725,350.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,629 shares of company stock worth $8,348,176. 0.34% of the stock is owned by corporate 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.