Bp Plc boosted its holdings in Progressive Corp (NYSE:PGR) by 13.8% in the 4th quarter, Holdings Channel reports. The firm owned 140,000 shares of the insurance provider’s stock after buying an additional 17,000 shares during the quarter. Bp Plc’s holdings in Progressive were worth $8,446,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Capital Investment Advisory Services LLC acquired a new position in Progressive in the fourth quarter valued at $33,000. Rehmann Capital Advisory Group increased its stake in Progressive by 88.5% in the third quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 339 shares during the last quarter. Intercontinental Wealth Advisors LLC acquired a new position in Progressive in the fourth quarter valued at $63,000. Flagship Harbor Advisors LLC increased its stake in Progressive by 15.3% in the fourth quarter. Flagship Harbor Advisors LLC now owns 1,420 shares of the insurance provider’s stock valued at $85,000 after purchasing an additional 188 shares during the last quarter. Finally, Private Capital Group LLC increased its stake in Progressive by 72.2% in the fourth quarter. Private Capital Group LLC now owns 1,455 shares of the insurance provider’s stock valued at $88,000 after purchasing an additional 610 shares during the last quarter. Hedge funds and other institutional investors own 82.13% of the company’s stock.
In other news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $65.27, for a total value of $783,240.00. Following the completion of the sale, the chief financial officer now owns 392,019 shares of the company’s stock, valued at $25,587,080.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John A. Barbagallo sold 5,948 shares of the company’s stock in a transaction dated Thursday, January 3rd. The stock was sold at an average price of $58.96, for a total value of $350,694.08. Following the completion of the sale, the insider now directly owns 177,370 shares of the company’s stock, valued at approximately $10,457,735.20. The disclosure for this sale can be found here. Insiders sold 80,948 shares of company stock valued at $5,277,174 in the last ninety days. Company insiders own 0.70% of the company’s stock.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.01 by ($0.57). Progressive had a return on equity of 24.54% and a net margin of 8.16%. The firm had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The business’s revenue was up 17.6% compared to the same quarter last year. Research analysts predict that Progressive Corp will post 5.01 EPS for the current fiscal year.
The business also recently announced an annual dividend, which was paid on Monday, February 11th. Stockholders of record on Monday, February 4th were given a $2.514 dividend. This is an increase from Progressive’s previous annual dividend of $1.12. The ex-dividend date of this dividend was Friday, February 1st. This represents a dividend yield of 3.85%. Progressive’s dividend payout ratio is presently 56.79%.
Several research firms recently commented on PGR. Wells Fargo & Co set a $73.00 target price on Progressive and gave the company a “hold” rating in a research note on Thursday. Credit Suisse Group dropped their target price on Progressive from $79.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, December 20th. Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Wednesday, January 2nd. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Finally, Raymond James upped their price target on Progressive from $82.00 to $85.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 17th. Six 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 company. Progressive presently has a consensus rating of “Buy” and a consensus price target of $71.86.
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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