Wellington Management Group LLP Decreases Stock Holdings in The Progressive Co. (NYSE:PGR)

Wellington Management Group LLP cut its holdings in The Progressive Co. (NYSE:PGR) by 34.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,392,367 shares of the insurance provider’s stock after selling 3,324,110 shares during the quarter. Wellington Management Group LLP owned 1.09% of Progressive worth $1,531,675,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Townsquare Capital LLC raised its position in shares of Progressive by 90.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after buying an additional 3,720 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Progressive during the third quarter valued at approximately $230,000. Captrust Financial Advisors lifted its stake in shares of Progressive by 2.7% in the 3rd quarter. Captrust Financial Advisors now owns 30,748 shares of the insurance provider’s stock valued at $7,803,000 after purchasing an additional 806 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Progressive by 142.9% in the 3rd quarter. True Wealth Design LLC now owns 464 shares of the insurance provider’s stock worth $118,000 after purchasing an additional 273 shares during the period. Finally, Erste Asset Management GmbH bought a new position in shares of Progressive during the 3rd quarter valued at approximately $125,044,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 11,021 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the transaction, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $115,255,231.44. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,255 shares of company stock worth $14,490,871 in the last three months. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on PGR shares. Bank of America lowered their price target on Progressive from $318.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a report on Thursday, December 26th. UBS Group raised their price objective on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Friday, March 14th. Finally, Roth Mkm upped their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $281.06.

Progressive Stock Up 1.6 %

Shares of Progressive stock opened at $279.13 on Monday. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The stock has a market cap of $163.64 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 1.70 and a beta of 0.35. The firm’s 50-day moving average is $265.32 and its two-hundred day moving average is $255.91.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, research analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s payout ratio is 2.78%.

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.