The Progressive Co. (NYSE:PGR) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its position in The Progressive Co. (NYSE:PGR) by 34.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,392,367 shares of the insurance provider’s stock after selling 3,324,110 shares during the period. Wellington Management Group LLP’s holdings in Progressive were worth $1,531,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC boosted its position in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after buying an additional 42 shares during the last quarter. Washington Trust Bank increased its holdings in Progressive by 4.1% in the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock worth $255,000 after buying an additional 42 shares during the period. SYM FINANCIAL Corp lifted its stake in Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after acquiring an additional 44 shares during the period. Finally, Monument Capital Management boosted its holdings in shares of Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock valued at $3,298,000 after acquiring an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PGR. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a report on Thursday, December 26th. Barclays lifted their price objective on Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a research note on Thursday, March 13th. Bank of America lowered their target price on Progressive from $318.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Saturday, March 22nd. Finally, BMO Capital Markets decreased their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $281.06.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at $114,691,485.60. The trade was a 1.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,255 shares of company stock worth $14,490,871 in the last three months. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Up 1.6 %

PGR stock opened at $279.13 on Monday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The business’s 50-day moving average is $265.32 and its 200 day moving average is $255.91. The stock has a market cap of $163.64 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 1.70 and a beta of 0.35. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Progressive Company 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.