Financial Counselors Inc. Sells 15,784 Shares of The Progressive Co. (NYSE:PGR)

Financial Counselors Inc. trimmed its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 25.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,913 shares of the insurance provider’s stock after selling 15,784 shares during the quarter. Financial Counselors Inc.’s holdings in Progressive were worth $6,396,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in Progressive by 2.4% during the second quarter. BlackRock Inc. now owns 43,918,940 shares of the insurance provider’s stock worth $5,813,550,000 after buying an additional 1,019,643 shares during the last quarter. State Street Corp grew its stake in Progressive by 2.3% during the second quarter. State Street Corp now owns 24,956,012 shares of the insurance provider’s stock worth $3,303,427,000 after buying an additional 560,479 shares during the last quarter. Geode Capital Management LLC grew its stake in Progressive by 3.3% during the second quarter. Geode Capital Management LLC now owns 11,341,759 shares of the insurance provider’s stock worth $1,497,374,000 after buying an additional 361,856 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Progressive by 4.3% during the second quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock valued at $1,291,249,000 after purchasing an additional 403,527 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Progressive by 10.5% in the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after purchasing an additional 655,706 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 4,052 shares of the company’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $164.28, for a total transaction of $665,662.56. Following the completion of the transaction, the insider now directly owns 25,769 shares of the company’s stock, valued at $4,233,331.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Andrew J. Quigg sold 4,052 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $164.28, for a total transaction of $665,662.56. Following the completion of the transaction, the insider now directly owns 25,769 shares of the company’s stock, valued at $4,233,331.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 551 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $93,251.24. Following the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The disclosure for this sale can be found here. Insiders sold 114,862 shares of company stock valued at $18,747,693 over the last three months. Company insiders own 0.33% of the company’s stock.

Progressive Stock Up 1.1 %

NYSE:PGR opened at $179.79 on Wednesday. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $182.35. The company has a current ratio of 0.35, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The stock has a market cap of $105.18 billion, a price-to-earnings ratio of 27.32, a PEG ratio of 0.99 and a beta of 0.37. The stock has a 50-day moving average price of $164.26 and a two-hundred day moving average price of $149.14.

Progressive (NYSE:PGRGet Free Report) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. Progressive had a return on equity of 21.10% and a net margin of 6.28%. The firm had revenue of $16.89 billion during the quarter, compared to analysts’ expectations of $16.10 billion. During the same period in the previous year, the firm earned $1.52 earnings per share. As a group, equities analysts expect that The Progressive Co. will post 8.57 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 26th. Stockholders of record on Friday, January 19th were given a dividend of $0.10 per share. The ex-dividend date was Thursday, January 18th. This represents a $0.40 annualized dividend and a dividend yield of 0.22%. Progressive’s dividend payout ratio is currently 12.92%.

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. Piper Sandler raised their price target on shares of Progressive from $188.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Monday, October 16th. HSBC began coverage on Progressive in a research report on Thursday, December 28th. They set a “hold” rating and a $164.00 target price for the company. Bank of America dropped their target price on Progressive from $203.00 to $199.00 in a research report on Tuesday, October 3rd. Finally, UBS Group boosted their target price on Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $169.22.

Get Our Latest Report on Progressive

Progressive Company Profile

(Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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