The Progressive Co. (NYSE:PGR) Shares Sold by abrdn plc

abrdn plc lessened its stake in shares of The Progressive Co. (NYSE:PGR) by 12.2% during the fourth quarter, HoldingsChannel reports. The firm owned 344,511 shares of the insurance provider’s stock after selling 47,871 shares during the period. abrdn plc’s holdings in Progressive were worth $82,398,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PGR. State Street Corp boosted its holdings in Progressive by 1.3% in the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after acquiring an additional 315,411 shares during the period. Geode Capital Management LLC boosted its stake in shares of Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the period. FMR LLC boosted its stake in shares of Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after purchasing an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after buying an additional 842,109 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,361 shares of company stock worth $13,983,575. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.3 %

Shares of NYSE PGR opened at $248.13 on Wednesday. The Progressive Co. has a 12-month low of $179.90 and a 12-month high of $270.62. The company has a market cap of $145.35 billion, a price-to-earnings ratio of 17.23, a price-to-earnings-growth ratio of 0.63 and a beta of 0.42. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock’s 50 day simple moving average is $246.68 and its 200 day simple moving average is $245.09.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities research analysts expect that The Progressive Co. will post 14.4 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is 2.78%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. TD Cowen lifted their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Bank of America lifted their price objective on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Wells Fargo & Company increased their target price on Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Finally, Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $275.71.

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.