UBS Group AG cut its holdings in The Progressive Co. (NYSE:PGR) by 12.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,120,712 shares of the insurance provider’s stock after selling 159,881 shares during the period. UBS Group AG’s holdings in Progressive were worth $101,301,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Timucuan Asset Management Inc. FL increased its holdings in shares of Progressive by 2.6% in the 3rd quarter. Timucuan Asset Management Inc. FL now owns 2,257,074 shares of the insurance provider’s stock worth $204,017,000 after buying an additional 56,776 shares during the last quarter. JustInvest LLC grew its holdings in Progressive by 10.7% during the 3rd quarter. JustInvest LLC now owns 11,372 shares of the insurance provider’s stock valued at $1,028,000 after purchasing an additional 1,102 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Progressive by 9.9% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 247,988 shares of the insurance provider’s stock valued at $22,416,000 after purchasing an additional 22,343 shares during the last quarter. M&T Bank Corp grew its holdings in Progressive by 3.5% during the 3rd quarter. M&T Bank Corp now owns 49,934 shares of the insurance provider’s stock valued at $4,514,000 after purchasing an additional 1,666 shares during the last quarter. Finally, Vontobel Asset Management Inc. grew its holdings in Progressive by 18.7% during the 3rd quarter. Vontobel Asset Management Inc. now owns 1,817,396 shares of the insurance provider’s stock valued at $169,410,000 after purchasing an additional 285,801 shares during the last quarter. Hedge funds and other institutional investors own 82.54% of the company’s stock.
Shares of PGR opened at $106.41 on Monday. The company has a 50 day moving average price of $105.83 and a 200-day moving average price of $98.29. The Progressive Co. has a fifty-two week low of $85.50 and a fifty-two week high of $111.85. The stock has a market capitalization of $62.26 billion, a PE ratio of 18.77, a PEG ratio of 3.71 and a beta of 0.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.34 and a current ratio of 0.37.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, January 25th. The insurance provider reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.09). Progressive had a return on equity of 14.59% and a net margin of 7.02%. The business had revenue of $10.75 billion during the quarter, compared to analysts’ expectations of $10.78 billion. During the same period in the previous year, the company posted $1.83 EPS. Progressive’s revenue for the quarter was up 12.6% on a year-over-year basis. Equities research analysts forecast that The Progressive Co. will post 4.88 EPS for the current year.
The company also recently announced an annual dividend, which was paid on Wednesday, December 29th. Investors of record on Monday, December 20th were given a dividend of $1.50 per share. The ex-dividend date was Friday, December 17th. Progressive’s payout ratio is 7.05%.
In other Progressive news, insider Steven Broz sold 1,068 shares of the company’s stock in a transaction that occurred on Friday, February 4th. The shares were sold at an average price of $109.49, for a total transaction of $116,935.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 3,230 shares of the company’s stock in a transaction that occurred on Tuesday, February 1st. The shares were sold at an average price of $108.25, for a total transaction of $349,647.50. The disclosure for this sale can be found here. Insiders have sold 68,533 shares of company stock valued at $7,083,938 in the last three months. 0.37% of the stock is currently owned by corporate insiders.
Several brokerages recently commented on PGR. Raymond James upped their price target on shares of Progressive from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, January 27th. Edward Jones downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, February 9th. The Goldman Sachs Group began coverage on shares of Progressive in a research note on Monday, November 22nd. They issued a “buy” rating and a $104.00 target price on the stock. UBS Group downgraded shares of Progressive from a “buy” rating to a “neutral” rating and upped their target price for the stock from $106.00 to $114.00 in a research note on Monday, February 14th. They noted that the move was a valuation call. Finally, Evercore ISI upgraded shares of Progressive from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $90.00 to $118.00 in a research note on Thursday, January 6th. Six equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus price target of $100.67.
Progressive Company Profile
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.
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