Sanctuary Advisors LLC Trims Holdings in The Progressive Corporation $PGR

Sanctuary Advisors LLC cut its stake in The Progressive Corporation (NYSE:PGR) by 9.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 82,918 shares of the insurance provider’s stock after selling 8,826 shares during the quarter. Sanctuary Advisors LLC’s holdings in Progressive were worth $18,882,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PGR. Davis Capital Management purchased a new position in shares of Progressive in the third quarter valued at $25,000. Dagco Inc. bought a new stake in Progressive during the fourth quarter valued at $28,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares during the period. Bangor Savings Bank boosted its stake in Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after buying an additional 58 shares during the period. Finally, Riverview Trust Co boosted its stake in Progressive by 48.6% during the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after buying an additional 53 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Down 0.1%

Shares of PGR stock opened at $200.62 on Monday. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The business has a 50-day moving average price of $203.38 and a two-hundred day moving average price of $213.08. The Progressive Corporation has a 12-month low of $192.02 and a 12-month high of $289.96. The firm has a market cap of $117.35 billion, a P/E ratio of 10.20, a price-to-earnings-growth ratio of 6.63 and a beta of 0.34.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the previous year, the company posted $4.37 earnings per share. The company’s revenue was up 6.5% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 16.38 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is 2.03%.

Insider Transactions at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 6,933 shares of company stock worth $1,441,564. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PGR shares. BMO Capital Markets lifted their price objective on Progressive from $208.00 to $221.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Jefferies Financial Group dropped their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. JPMorgan Chase & Co. dropped their price objective on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Finally, Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $238.39.

Progressive 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.