Primecap Management Co. CA trimmed its holdings in Progressive Corp (NYSE:PGR) by 13.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,512,877 shares of the insurance provider’s stock after selling 550,000 shares during the period. Primecap Management Co. CA’s holdings in Progressive were worth $253,243,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Zions Bancorporation N.A. bought a new stake in shares of Progressive in the 1st quarter worth approximately $125,000. PCJ Investment Counsel Ltd. bought a new stake in Progressive during the 4th quarter valued at $1,985,000. Jackson Grant Investment Advisers Inc. bought a new stake in Progressive during the 1st quarter valued at $26,000. Retirement Systems of Alabama raised its holdings in Progressive by 0.5% during the 1st quarter. Retirement Systems of Alabama now owns 654,987 shares of the insurance provider’s stock valued at $47,218,000 after acquiring an additional 2,985 shares during the period. Finally, Hartford Investment Management Co. raised its holdings in Progressive by 10.0% during the 1st quarter. Hartford Investment Management Co. now owns 84,002 shares of the insurance provider’s stock valued at $6,056,000 after acquiring an additional 7,620 shares during the period. 79.11% of the stock is owned by hedge funds and other institutional investors.
Shares of PGR traded down $0.16 during mid-day trading on Friday, reaching $81.48. 23,590 shares of the stock traded hands, compared to its average volume of 2,665,503. The firm has a market capitalization of $47.38 billion, a P/E ratio of 18.44, a price-to-earnings-growth ratio of 2.13 and a beta of 0.74. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. Progressive Corp has a 1 year low of $56.71 and a 1 year high of $84.30.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be given a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.49%. Progressive’s dividend payout ratio (DPR) is presently 9.05%.
In other Progressive news, CMO M Jeffrey Charney sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $76.59, for a total transaction of $765,900.00. Following the completion of the sale, the chief marketing officer now directly owns 127,304 shares in the company, valued at $9,750,213.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John A. Barbagallo sold 48,000 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $75.78, for a total transaction of $3,637,440.00. Following the sale, the insider now owns 84,370 shares of the company’s stock, valued at $6,393,558.60. The disclosure for this sale can be found here. Insiders sold 131,350 shares of company stock valued at $10,089,257 over the last quarter. 0.39% of the stock is owned by company insiders.
PGR has been the topic of a number of analyst reports. Zacks Investment Research raised shares of 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. UBS Group boosted their target price on shares of Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a report on Friday, May 17th. B. Riley boosted their target price on shares of Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Wells Fargo & Co set a $73.00 target price on shares of Progressive and gave the company a “hold” rating in a report on Thursday, February 14th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $81.00.
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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