The Progressive Corporation $PGR Shares Sold by Taikang Asset Management Hong Kong Co Ltd

Taikang Asset Management Hong Kong Co Ltd cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 15.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,583 shares of the insurance provider’s stock after selling 3,112 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in Progressive were worth $4,004,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Klingman & Associates LLC lifted its holdings in shares of Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after purchasing an additional 48 shares during the last quarter. Revisor Wealth Management LLC increased its stake in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 50 shares in the last quarter. Cullen Investment Group LTD. increased its stake in Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after purchasing an additional 52 shares in the last quarter. Pines Wealth Management LLC raised its holdings in Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after buying an additional 52 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC lifted its stake in Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after buying an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Piper Sandler reiterated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Jefferies Financial Group decreased their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Wells Fargo & Company boosted their target price on shares of Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Barclays set a $247.00 target price on Progressive in a research report on Wednesday, March 18th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $220.00 price target on shares of Progressive in a report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $238.11.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the transaction, the insider directly owned 28,668 shares in the company, valued at approximately $5,733,600. The trade was a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,343 shares of company stock valued at $1,470,355 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Progressive Trading Up 0.6%

Shares of NYSE:PGR opened at $204.70 on Wednesday. The firm has a fifty day moving average of $199.56 and a two-hundred day moving average of $207.60. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $267.92. The firm has a market capitalization of $119.61 billion, a P/E ratio of 10.41, a price-to-earnings-growth ratio of 5.90 and a beta of 0.28.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the prior year, the business posted $4.37 earnings per share. Progressive’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities analysts expect that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Progressive Company 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.