Winfield Associates Inc. Decreases Stake in The Progressive Co. (NYSE:PGR)

Winfield Associates Inc. reduced its stake in shares of The Progressive Co. (NYSE:PGRGet Rating) by 3.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,180 shares of the insurance provider’s stock after selling 1,003 shares during the quarter. Winfield Associates Inc.’s holdings in Progressive were worth $2,790,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PGR. First Horizon Advisors Inc. increased its stake in Progressive by 126.8% during the third quarter. First Horizon Advisors Inc. now owns 1,386 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 775 shares during the last quarter. Creative Planning grew its stake in shares of Progressive by 310.4% during the third quarter. Creative Planning now owns 69,311 shares of the insurance provider’s stock valued at $6,265,000 after buying an additional 52,422 shares during the last quarter. Formidable Asset Management LLC bought a new position in shares of Progressive during the third quarter valued at approximately $818,000. Buckingham Strategic Wealth LLC grew its stake in shares of Progressive by 9.0% during the third quarter. Buckingham Strategic Wealth LLC now owns 15,630 shares of the insurance provider’s stock valued at $1,413,000 after buying an additional 1,287 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its stake in shares of Progressive by 0.3% during the third quarter. Mutual of America Capital Management LLC now owns 98,267 shares of the insurance provider’s stock valued at $8,882,000 after buying an additional 340 shares during the last quarter. 83.68% of the stock is currently owned by institutional investors.

A number of research analysts have recently commented on the company. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $85.00 to $115.00 in a research note on Monday, May 9th. The Goldman Sachs Group cut Progressive from a “buy” rating to a “neutral” rating and set a $116.00 target price on the stock. in a research note on Wednesday, March 2nd. Jefferies Financial Group raised Progressive from an “underperform” rating to a “hold” rating and upped their target price for the company from $99.00 to $106.00 in a research note on Tuesday. Raymond James increased their price objective on Progressive from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, March 18th. Finally, Barclays increased their price objective on Progressive from $85.00 to $88.00 and gave the stock an “underweight” rating in a research note on Thursday, March 17th. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $106.87.

Shares of PGR traded down $0.98 during midday trading on Friday, hitting $107.82. 2,253,009 shares of the company’s stock traded hands, compared to its average volume of 2,738,813. The Progressive Co. has a 1 year low of $89.35 and a 1 year high of $120.17. The firm’s fifty day moving average is $111.49 and its 200-day moving average is $105.20. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $63.06 billion, a price-to-earnings ratio of 29.30, a price-to-earnings-growth ratio of 1.30 and a beta of 0.50.

Progressive (NYSE:PGRGet Rating) last issued its quarterly earnings data on Thursday, April 14th. The insurance provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The business had revenue of $12.29 billion for the quarter, compared to analysts’ expectations of $12.24 billion. On average, equities research analysts anticipate that The Progressive Co. will post 4.74 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, April 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.37%. Progressive’s dividend payout ratio is presently 10.87%.

In related news, insider Daniel P. Mascaro sold 558 shares of the firm’s stock in a transaction on Thursday, April 21st. The stock was sold at an average price of $113.59, for a total value of $63,383.22. Following the completion of the transaction, the insider now owns 39,445 shares in the company, valued at approximately $4,480,557.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 3,230 shares of the firm’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $106.82, for a total value of $345,028.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,957 shares of company stock valued at $8,632,952. Company insiders own 0.37% of the company’s stock.

Progressive Profile (Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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