Everence Capital Management Inc. Trims Stock Holdings in The Progressive Co. (NYSE:PGR)

Everence Capital Management Inc. trimmed its holdings in The Progressive Co. (NYSE:PGR) by 27.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,920 shares of the insurance provider’s stock after selling 5,390 shares during the period. Everence Capital Management Inc.’s holdings in Progressive were worth $2,217,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Valley National Advisers Inc. boosted its holdings in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares during the period. Harbour Investments Inc. boosted its holdings in Progressive by 109.1% in the 3rd quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 108 shares during the period. Sunbelt Securities Inc. bought a new position in Progressive in the 1st quarter valued at $31,000. Pinnacle Bancorp Inc. bought a new position in Progressive in the 4th quarter valued at $39,000. Finally, Arlington Trust Co LLC bought a new position in Progressive in the 3rd quarter valued at $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on PGR shares. Morgan Stanley raised their price target on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. TD Cowen assumed coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target for the company. Piper Sandler reissued an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Finally, UBS Group boosted their price target on shares of Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $208.31.

Insider Transactions at Progressive

In other news, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $208.35 on Wednesday. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $212.24. The stock has a market capitalization of $122.03 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.86 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The company’s 50-day moving average is $198.20 and its 200 day moving average is $174.08.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the company earned $0.65 earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts expect that The Progressive Co. will post 10.73 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Progressive Profile

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