Reinhart Partners LLC. Sells 514 Shares of The Progressive Co. (NYSE:PGR)

Reinhart Partners LLC. reduced its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,164 shares of the insurance provider’s stock after selling 514 shares during the period. Reinhart Partners LLC.’s holdings in Progressive were worth $9,134,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sachetta LLC bought a new position in shares of Progressive in the 4th quarter valued at $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the fourth quarter worth $25,000. Valley National Advisers Inc. boosted its position in shares of Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after buying an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Progressive in the 4th quarter worth about $39,000. Finally, Criterion Capital Advisors LLC bought a new stake in shares of Progressive during the 4th quarter worth $47,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the sale, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 7,361 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,468 shares of company stock worth $4,415,753. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR traded up $2.51 on Tuesday, hitting $210.75. 2,658,477 shares of the company’s stock traded hands, compared to its average volume of 2,571,602. The firm has a market capitalization of $123.44 billion, a PE ratio of 21.57, a P/E/G ratio of 0.78 and a beta of 0.35. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $217.77. The firm’s 50-day moving average price is $209.16 and its two-hundred day moving average price is $191.19. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 earnings per share. As a group, analysts expect that The Progressive Co. will post 11.58 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is presently 4.09%.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. Keefe, Bruyette & Woods boosted their target price on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. BMO Capital Markets restated an “outperform” rating and issued a $235.00 price objective on shares of Progressive in a research report on Monday. Jefferies Financial Group lifted their price target on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, Roth Mkm increased their target price on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $216.81.

Check Out Our Latest Stock Report on Progressive

About Progressive

(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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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