The Progressive Co. (NYSE:PGR) Shares Sold by Sigma Planning Corp

Sigma Planning Corp trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 63.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,243 shares of the insurance provider’s stock after selling 3,929 shares during the quarter. Sigma Planning Corp’s holdings in Progressive were worth $357,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Strata Wealth Advisors LLC purchased a new stake in Progressive during the fourth quarter worth about $2,864,000. Criterion Capital Advisors LLC purchased a new stake in Progressive during the fourth quarter worth about $47,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Progressive by 1.8% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 57,574 shares of the insurance provider’s stock worth $9,170,000 after buying an additional 1,029 shares in the last quarter. Signaturefd LLC boosted its holdings in Progressive by 7.2% during the fourth quarter. Signaturefd LLC now owns 11,018 shares of the insurance provider’s stock worth $1,755,000 after buying an additional 744 shares in the last quarter. Finally, abrdn plc boosted its holdings in Progressive by 43.6% during the fourth quarter. abrdn plc now owns 361,391 shares of the insurance provider’s stock worth $57,562,000 after buying an additional 109,778 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PGR shares. Roth Mkm upped their price target on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. UBS Group upped their price target on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Jefferies Financial Group upped their price target on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. The Goldman Sachs Group upped their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Finally, Keefe, Bruyette & Woods upped their price target on shares of 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 assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Stock Performance

Shares of PGR stock opened at $208.00 on Friday. The Progressive Co. has a one year low of $111.41 and a one year high of $216.21. 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 company has a 50 day moving average price of $202.45 and a 200 day moving average price of $177.51. The firm has a market capitalization of $121.83 billion, a price-to-earnings ratio of 21.29, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.

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 net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the prior year, the business posted $0.65 earnings per share. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. Sell-side analysts anticipate that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The business 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 yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the company’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 completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders sold 39,139 shares of company stock valued at $7,458,139 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.