Truist Financial Corp Reduces Holdings in The Progressive Co. (NYSE:PGR)

Truist Financial Corp decreased its position in The Progressive Co. (NYSE:PGR) by 32.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,767 shares of the insurance provider’s stock after selling 45,318 shares during the period. Truist Financial Corp’s holdings in Progressive were worth $15,254,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PGR. Van Cleef Asset Management Inc lifted its holdings in shares of Progressive by 2.6% in the 4th quarter. Van Cleef Asset Management Inc now owns 832,991 shares of the insurance provider’s stock worth $132,679,000 after acquiring an additional 21,273 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Progressive by 2.5% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 711,062 shares of the insurance provider’s stock worth $113,258,000 after acquiring an additional 17,446 shares during the last quarter. Stevens Capital Management LP acquired a new position in shares of Progressive in the 4th quarter worth approximately $749,000. Syon Capital LLC lifted its holdings in shares of Progressive by 17.1% in the 4th quarter. Syon Capital LLC now owns 10,411 shares of the insurance provider’s stock worth $1,658,000 after acquiring an additional 1,522 shares during the last quarter. Finally, Bailard Inc. lifted its holdings in shares of Progressive by 1.5% in the 4th quarter. Bailard Inc. now owns 16,322 shares of the insurance provider’s stock worth $2,600,000 after acquiring an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research reports. Roth Mkm increased their target price on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. TD Cowen initiated coverage on shares of Progressive in a report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. BMO Capital Markets increased their target price on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, Jefferies Financial Group increased their target price on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $211.88.

Insider Activity at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were 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 owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated 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 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 worth $7,458,139 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.8 %

PGR stock opened at $208.25 on Wednesday. The Progressive Co. has a one year low of $111.41 and a one year high of $216.21. The stock has a market capitalization of $121.97 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. 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 fifty day moving average of $203.18 and a 200-day moving average of $178.82.

Progressive (NYSE:PGR) last released its 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 company had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the business earned $0.65 EPS. The business’s revenue was up 17.7% on a year-over-year basis. As a group, analysts expect that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Announces Dividend

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

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.