Amundi Pioneer Asset Management Inc. Sells 1,308,191 Shares of The Progressive Co. (NYSE:PGR)

Amundi Pioneer Asset Management Inc. cut its position in shares of The Progressive Co. (NYSE:PGR) by 24.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,946,032 shares of the insurance provider’s stock after selling 1,308,191 shares during the quarter. Amundi Pioneer Asset Management Inc. owned approximately 0.67% of The Progressive worth $390,183,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Mather Group LLC. increased its position in shares of The Progressive by 1.0% during the 4th quarter. Mather Group LLC. now owns 11,780 shares of the insurance provider’s stock valued at $1,165,000 after purchasing an additional 117 shares during the last quarter. WealthStone Inc. increased its position in shares of The Progressive by 4.8% during the 4th quarter. WealthStone Inc. now owns 2,607 shares of the insurance provider’s stock valued at $258,000 after purchasing an additional 119 shares during the last quarter. Ipswich Investment Management Co. Inc. increased its position in shares of The Progressive by 0.3% during the 4th quarter. Ipswich Investment Management Co. Inc. now owns 43,657 shares of the insurance provider’s stock valued at $4,317,000 after purchasing an additional 120 shares during the last quarter. Ibex Wealth Advisors increased its position in shares of The Progressive by 0.8% during the 4th quarter. Ibex Wealth Advisors now owns 14,479 shares of the insurance provider’s stock valued at $1,432,000 after purchasing an additional 122 shares during the last quarter. Finally, Chesley Taft & Associates LLC increased its position in shares of The Progressive by 0.6% during the 4th quarter. Chesley Taft & Associates LLC now owns 19,610 shares of the insurance provider’s stock valued at $1,939,000 after purchasing an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 81.47% of the company’s stock.

In related news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 18th. The stock was sold at an average price of $91.40, for a total transaction of $1,096,800.00. Following the completion of the transaction, the chief financial officer now owns 332,721 shares of the company’s stock, valued at approximately $30,410,699.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,243 shares of the firm’s stock in a transaction that occurred on Monday, April 5th. The shares were sold at an average price of $95.90, for a total value of $119,203.70. Following the transaction, the insider now directly owns 32,564 shares of the company’s stock, valued at approximately $3,122,887.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,594 shares of company stock valued at $1,418,589. 0.38% of the stock is currently owned by company insiders.

PGR opened at $95.86 on Thursday. The stock has a market cap of $56.09 billion, a PE ratio of 11.13, a PEG ratio of 2.58 and a beta of 0.45. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average of $91.06 and a 200-day moving average of $92.98. The Progressive Co. has a 52 week low of $71.25 and a 52 week high of $102.05.

The Progressive (NYSE:PGR) last released its earnings results on Monday, March 1st. The insurance provider reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.67 by $0.16. The Progressive had a return on equity of 28.89% and a net margin of 12.13%. Equities analysts anticipate that The Progressive Co. will post 7.4 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Wednesday, April 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Tuesday, April 6th. The Progressive’s payout ratio is presently 68.45%.

Several equities analysts recently issued reports on PGR shares. The Goldman Sachs Group lowered The Progressive from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $92.00 to $90.00 in a research report on Friday, January 8th. Morgan Stanley reduced their price target on The Progressive from $91.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 24th. Raymond James restated a “buy” rating on shares of The Progressive in a research report on Monday, February 22nd. B. Riley raised their price target on The Progressive from $88.00 to $96.00 and gave the stock a “neutral” rating in a research report on Thursday, January 7th. Finally, Zacks Investment Research lowered The Progressive from a “hold” rating to a “sell” rating and set a $92.00 price target on the stock. in a research report on Thursday, January 28th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $96.69.

The Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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 The Progressive (NYSE:PGR)

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