Bank of New York Mellon Corp Sells 65,723 Shares of The Progressive Corporation $PGR

Bank of New York Mellon Corp reduced its position in The Progressive Corporation (NYSE:PGR) by 2.1% in the 4th quarter, Holdings Channel reports. The firm owned 3,091,462 shares of the insurance provider’s stock after selling 65,723 shares during the quarter. Bank of New York Mellon Corp’s holdings in Progressive were worth $703,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Brighton Jones LLC lifted its position in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new position in Progressive during the fourth quarter worth $269,000. Bison Wealth LLC raised its stake in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares in the last quarter. HUB Investment Partners LLC raised its stake in Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its stake in Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after acquiring an additional 1,622 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of several recent analyst reports. Jefferies Financial Group dropped their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Roth Mkm set a $235.00 price objective on Progressive in a research note on Thursday, February 19th. Evercore reiterated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive Stock Performance

Shares of NYSE:PGR opened at $193.54 on Thursday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $288.35. The firm has a market cap of $113.09 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 5.71 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The business has a fifty day moving average of $199.07 and a 200-day moving average of $209.11.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period last year, the company posted $4.37 earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities research analysts predict that The Progressive Corporation will post 16.33 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.03%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.