Allspring Global Investments Holdings LLC Reduces Holdings in The Progressive Corporation $PGR

Allspring Global Investments Holdings LLC decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 19.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 701,195 shares of the insurance provider’s stock after selling 171,461 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Progressive were worth $185,326,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after buying an additional 622,590 shares during the period. GQG Partners LLC increased its stake in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after buying an additional 3,174,632 shares during the period. Alliancebernstein L.P. increased its stake in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Progressive by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after buying an additional 396,567 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Progressive in the 1st quarter worth about $1,473,180,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $240.18 on Monday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The firm has a 50-day simple moving average of $245.20 and a 200 day simple moving average of $259.54. The company has a market cap of $140.80 billion, a PE ratio of 13.53, a P/E/G ratio of 1.33 and a beta of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the prior year, the firm earned $2.48 EPS. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, sell-side analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s dividend payout ratio is currently 2.25%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Morgan Stanley dropped their target price on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research report on Monday, September 22nd. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Progressive in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group dropped their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $279.63.

Insider Buying and Selling at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares of the company’s stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is owned by company insiders.

Progressive Profile

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.