OLD National Bancorp IN Reduces Position in The Progressive Co. (NYSE:PGR)

OLD National Bancorp IN trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 70.7% during the fourth quarter, Holdings Channel reports. The fund owned 2,346 shares of the insurance provider’s stock after selling 5,653 shares during the quarter. OLD National Bancorp IN’s holdings in Progressive were worth $374,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Giverny Capital Inc. increased its position in shares of Progressive by 2.9% during the third quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock worth $69,849,000 after acquiring an additional 14,022 shares during the last quarter. AIA Group Ltd increased its position in shares of Progressive by 4.9% during the third quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider’s stock worth $21,651,000 after acquiring an additional 7,268 shares during the last quarter. Invesco LLC increased its position in shares of Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after acquiring an additional 70 shares during the last quarter. Strs Ohio increased its position in shares of Progressive by 3.1% during the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock worth $26,788,000 after acquiring an additional 4,983 shares during the last quarter. Finally, First Affirmative Financial Network bought a new stake in Progressive in the fourth quarter valued at about $295,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of NYSE PGR opened at $212.20 on Thursday. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock has a 50 day simple moving average of $201.66 and a 200-day simple moving average of $176.83. The company has a market cap of $124.29 billion, a PE ratio of 21.72, a P/E/G ratio of 0.85 and a beta of 0.35. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.21.

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 the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during 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 business’s revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, equities research analysts forecast that The Progressive Co. will post 11.22 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insiders Place Their Bets

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the company’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 owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on 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 directly 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 39,139 shares of company stock worth $7,458,139 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. BMO Capital Markets boosted their price objective on Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Jefferies Financial Group boosted their price objective on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. Citigroup boosted their price objective on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods boosted their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $211.88.

About Progressive

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.