The Progressive Co. (NYSE:PGR) Shares Sold by UMB Bank n.a.

UMB Bank n.a. decreased its holdings in shares of The Progressive Co. (NYSE:PGRFree Report) by 0.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 432,199 shares of the insurance provider’s stock after selling 354 shares during the period. Progressive accounts for about 1.0% of UMB Bank n.a.’s investment portfolio, making the stock its 23rd largest holding. UMB Bank n.a.’s holdings in Progressive were worth $68,841,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Moneta Group Investment Advisors LLC acquired a new position in Progressive in the fourth quarter valued at $840,885,000. Norges Bank acquired a new position in Progressive in the fourth quarter valued at $802,968,000. Wellington Management Group LLP boosted its holdings in Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after acquiring an additional 2,666,449 shares during the last quarter. Morgan Stanley boosted its holdings in Progressive by 25.4% in the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock valued at $871,826,000 after acquiring an additional 1,361,665 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Progressive by 31.8% in the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after acquiring an additional 1,154,591 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 5,939 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at approximately $78,821,329.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 5,939 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the sale, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $78,821,329.88. The disclosure for this sale can be found here. Insiders sold 44,629 shares of company stock valued at $8,348,176 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Wells Fargo & Company raised Progressive from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $144.00 to $176.00 in a research report on Monday, December 18th. Bank of America reduced their price objective on Progressive from $265.00 to $264.00 and set a “buy” rating on the stock in a research note on Tuesday. BMO Capital Markets boosted their price objective on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Morgan Stanley upgraded Progressive from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $185.00 to $227.00 in a research note on Wednesday, March 6th. Finally, Roth Mkm boosted their price objective on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $188.50.

Read Our Latest Report on Progressive

Progressive Trading Up 0.4 %

Shares of NYSE PGR opened at $210.88 on Thursday. The stock’s 50 day moving average price is $192.60 and its two-hundred day moving average price is $169.44. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $211.74. The stock has a market capitalization of $123.51 billion, a P/E ratio of 32.05, a PEG ratio of 0.94 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.35.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.53. The firm had revenue of $16.89 billion for the quarter, compared to analysts’ expectations of $16.10 billion. Progressive had a return on equity of 21.25% and a net margin of 6.28%. During the same quarter in the prior year, the firm posted $1.52 earnings per share. On average, analysts anticipate that The Progressive Co. will post 9.9 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, April 4th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 12.92%.

Progressive Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRFree Report).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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