Progressive Corp (PGR) Shares Sold by Brown Advisory Inc.
Brown Advisory Inc. lowered its stake in shares of Progressive Corp (NYSE:PGR) by 28.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 94,559 shares of the insurance provider’s stock after selling 38,075 shares during the quarter. Brown Advisory Inc.’s holdings in Progressive were worth $5,704,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Stifel Financial Corp lifted its stake in shares of Progressive by 47.0% in the 4th quarter. Stifel Financial Corp now owns 32,444 shares of the insurance provider’s stock worth $1,951,000 after purchasing an additional 10,368 shares during the period. Gideon Capital Advisors Inc. purchased a new stake in Progressive in the 4th quarter worth approximately $362,000. Kepos Capital LP purchased a new stake in Progressive in the 4th quarter worth approximately $6,091,000. Dimensional Fund Advisors LP increased its holdings in Progressive by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,187,539 shares of the insurance provider’s stock worth $131,969,000 after acquiring an additional 83,994 shares in the last quarter. Finally, United Services Automobile Association increased its holdings in Progressive by 1.1% in the 4th quarter. United Services Automobile Association now owns 1,114,513 shares of the insurance provider’s stock worth $67,239,000 after acquiring an additional 12,475 shares in the last quarter. Institutional investors and hedge funds own 79.85% of the company’s stock.
In related news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $71.37, for a total value of $856,440.00. Following the completion of the transaction, the chief financial officer now directly owns 380,019 shares of the company’s stock, valued at $27,121,956.03. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 2,500 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $72.93, for a total transaction of $182,325.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,048 shares of company stock valued at $7,201,719. Insiders own 0.70% of the company’s stock.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.83%. The company had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the business earned $0.98 earnings per share. The company’s quarterly revenue was up 17.6% compared to the same quarter last year. Analysts forecast that Progressive Corp will post 5.07 earnings per share for the current fiscal year.
The business also recently disclosed an annual dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be issued a dividend of $0.10 per share. This represents a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 4th. Progressive’s dividend payout ratio (DPR) is currently 56.79%.
Several equities research analysts recently issued reports on PGR shares. Buckingham Research raised shares of Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 target price for the company in a report on Monday, November 19th. B. Riley raised shares of Progressive from a “neutral” rating to a “buy” rating and increased their target price for the stock from $71.00 to $81.00 in a report on Tuesday, December 11th. Wells Fargo & Co set a $69.00 target price on shares of Progressive and gave the stock a “hold” rating in a report on Wednesday, December 12th. Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the stock a “buy” rating in a report on Friday, December 14th. Finally, Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $72.50.
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The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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