CENTRAL TRUST Co lifted its stake in shares of Progressive Corp (NYSE:PGR) by 89.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,313 shares of the insurance provider’s stock after buying an additional 8,653 shares during the quarter. CENTRAL TRUST Co’s holdings in Progressive were worth $1,320,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in PGR. JPMorgan Chase & Co. raised its holdings in shares of Progressive by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock valued at $779,788,000 after buying an additional 476,696 shares during the period. Martingale Asset Management L P raised its holdings in shares of Progressive by 3.2% during the 3rd quarter. Martingale Asset Management L P now owns 834,018 shares of the insurance provider’s stock valued at $59,250,000 after buying an additional 25,869 shares during the period. Standard Life Aberdeen plc raised its holdings in shares of Progressive by 31.9% during the 3rd quarter. Standard Life Aberdeen plc now owns 457,670 shares of the insurance provider’s stock valued at $32,513,000 after buying an additional 110,697 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Progressive by 9.8% during the 3rd quarter. Macquarie Group Ltd. now owns 40,460 shares of the insurance provider’s stock valued at $2,873,000 after buying an additional 3,620 shares during the period. Finally, Kentucky Retirement Systems purchased a new stake in shares of Progressive during the 3rd quarter valued at about $1,243,000. Institutional investors and hedge funds own 80.76% of the company’s stock.
In other news, insider John Jo Murphy sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.63, for a total value of $613,040.00. Following the completion of the sale, the insider now directly owns 24,144 shares in the company, valued at approximately $1,850,154.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider M Jeffrey Charney sold 18,000 shares of the business’s stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $66.58, for a total value of $1,198,440.00. Following the completion of the sale, the insider now owns 145,304 shares of the company’s stock, valued at $9,674,340.32. The disclosure for this sale can be found here. Insiders sold a total of 87,100 shares of company stock valued at $6,287,165 over the last quarter. Company insiders own 0.39% of the company’s stock.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 26.80% and a net margin of 8.77%. The company had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same period in the previous year, the business earned $1.22 EPS. Progressive’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities analysts forecast that Progressive Corp will post 5.17 EPS for the current fiscal year.
The company also recently declared an annual dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, April 5th were issued a $0.10 dividend. The ex-dividend date was Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 59.05%.
PGR has been the topic of several analyst reports. Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Monday, April 22nd. Credit Suisse Group restated a “buy” rating and set a $73.00 price objective on shares of Progressive in a report on Thursday, January 3rd. Wells Fargo & Co set a $73.00 price objective on Progressive and gave the stock a “hold” rating in a report on Thursday, February 14th. Citigroup lifted their price objective on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 14th. Finally, Barclays lifted their price objective on Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $74.93.
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Progressive Company Profile
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
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