Investment Management of Virginia LLC reduced its position in shares of Progressive Corp (NYSE:PGR) by 2.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,426 shares of the insurance provider’s stock after selling 562 shares during the period. Investment Management of Virginia LLC’s holdings in Progressive were worth $1,172,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. FMR LLC raised its holdings in Progressive by 8.3% during the second quarter. FMR LLC now owns 3,266,132 shares of the insurance provider’s stock worth $193,191,000 after purchasing an additional 250,803 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Progressive by 31.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 31,577 shares of the insurance provider’s stock valued at $1,868,000 after acquiring an additional 7,484 shares during the period. BB&T Corp increased its holdings in shares of Progressive by 22.5% in the 3rd quarter. BB&T Corp now owns 36,457 shares of the insurance provider’s stock valued at $2,589,000 after acquiring an additional 6,698 shares during the period. IFM Investors Pty Ltd increased its holdings in shares of Progressive by 15.9% in the 3rd quarter. IFM Investors Pty Ltd now owns 30,285 shares of the insurance provider’s stock valued at $2,151,000 after acquiring an additional 4,145 shares during the period. Finally, UMB Bank N A MO increased its holdings in shares of Progressive by 3.6% in the 3rd quarter. UMB Bank N A MO now owns 64,139 shares of the insurance provider’s stock valued at $4,556,000 after acquiring an additional 2,235 shares during the period. 80.26% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently commented on the stock. Citigroup lifted their target price on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. Wells Fargo & Co set a $73.00 price objective on shares of Progressive and gave the company a “hold” rating in a research report on Thursday, February 14th. Barclays upgraded shares of Progressive from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $67.00 to $73.00 in a research report on Wednesday, January 9th. Credit Suisse Group reiterated a “buy” rating and issued a $73.00 price objective on shares of Progressive in a research report on Thursday, January 3rd. Finally, Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Wednesday, January 2nd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $72.00.

In other Progressive news, insider John A. Barbagallo sold 5,948 shares of the business’s stock in a transaction on Thursday, January 3rd. The shares were sold at an average price of $58.96, for a total transaction of $350,694.08. Following the sale, the insider now directly owns 177,370 shares in the company, valued at approximately $10,457,735.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John A. Barbagallo sold 45,000 shares of the business’s stock in a transaction on Friday, January 25th. The stock was sold at an average price of $65.44, for a total transaction of $2,944,800.00. Following the sale, the insider now owns 132,370 shares in the company, valued at $8,662,292.80. The disclosure for this sale can be found here. Insiders have sold a total of 105,548 shares of company stock worth $7,019,394 over the last 90 days. Insiders own 0.70% of the company’s stock.

NYSE:PGR opened at $71.81 on Wednesday. Progressive Corp has a 1-year low of $56.47 and a 1-year high of $73.69. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.42 and a current ratio of 0.32. The firm has a market capitalization of $41.83 billion, a P/E ratio of 16.25, a PEG ratio of 1.92 and a beta of 0.75.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.57). The company had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. Progressive had a return on equity of 24.54% and a net margin of 8.16%. Progressive’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Analysts forecast that Progressive Corp will post 5.05 earnings per share for the current fiscal year.

The business also recently announced an annual dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s payout ratio is currently 56.79%.

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Progressive Profile

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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