Allspring Global Investments Holdings LLC Reduces Stake in The Progressive Co. (NYSE:PGR)

Allspring Global Investments Holdings LLC lessened its stake in shares of The Progressive Co. (NYSE:PGR) by 3.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 985,203 shares of the insurance provider’s stock after selling 32,364 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Progressive were worth $237,051,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PGR. Webster Bank N. A. acquired a new stake in Progressive during the fourth quarter worth about $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares during the period. Finally, DiNuzzo Private Wealth Inc. lifted its holdings in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lori A. Niederst sold 3,855 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the sale, the insider now owns 39,040 shares of the company’s stock, valued at approximately $9,645,222.40. This represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Morgan Stanley raised their price objective on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. BMO Capital Markets dropped their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $275.71.

Progressive Stock Up 3.3 %

Progressive stock opened at $257.82 on Wednesday. The firm has a market capitalization of $151.03 billion, a P/E ratio of 17.90, a P/E/G ratio of 0.64 and a beta of 0.42. The stock’s fifty day simple moving average is $244.96 and its 200-day simple moving average is $246.28. The Progressive Co. has a twelve month low of $180.72 and a twelve month high of $270.62. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities analysts expect that The Progressive Co. will post 14.44 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

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.