Progressive Corp (PGR) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC cut its stake in shares of Progressive Corp (NYSE:PGR) by 5.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 114,492 shares of the insurance provider’s stock after selling 6,895 shares during the period. Fisher Asset Management LLC’s holdings in Progressive were worth $6,448,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Flinton Capital Management LLC raised its position in Progressive by 1.5% during the second quarter. Flinton Capital Management LLC now owns 23,088 shares of the insurance provider’s stock worth $1,018,000 after acquiring an additional 336 shares during the period. Advisory Services Network LLC raised its position in Progressive by 10.0% during the second quarter. Advisory Services Network LLC now owns 6,579 shares of the insurance provider’s stock worth $290,000 after acquiring an additional 599 shares during the period. Private Trust Co. NA raised its position in Progressive by 15.9% during the fourth quarter. Private Trust Co. NA now owns 7,367 shares of the insurance provider’s stock worth $414,000 after acquiring an additional 1,010 shares during the period. Xact Kapitalforvaltning AB raised its position in Progressive by 1.2% during the third quarter. Xact Kapitalforvaltning AB now owns 87,206 shares of the insurance provider’s stock worth $4,223,000 after acquiring an additional 1,043 shares during the period. Finally, CIBC Asset Management Inc raised its position in Progressive by 2.0% during the third quarter. CIBC Asset Management Inc now owns 55,014 shares of the insurance provider’s stock worth $2,664,000 after acquiring an additional 1,058 shares during the period. Institutional investors own 79.40% of the company’s stock.

Shares of Progressive Corp (NYSE:PGR) opened at $53.13 on Tuesday. The company has a market cap of $30,900.00, a PE ratio of 19.46, a PEG ratio of 2.21 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.37 and a quick ratio of 0.50. Progressive Corp has a 12-month low of $36.74 and a 12-month high of $58.25.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. sell-side analysts anticipate that Progressive Corp will post 3.38 EPS for the current fiscal year.

The company also recently disclosed an annual dividend, which will be paid on Friday, February 9th. Investors of record on Friday, February 2nd will be issued a $1.125 dividend. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date is Thursday, February 1st. Progressive’s dividend payout ratio is currently 24.91%.

In related news, CMO M Jeffrey Charney sold 6,000 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the completion of the sale, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at $5,050,881. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

PGR has been the subject of a number of research analyst reports. Goldman Sachs Group initiated coverage on shares of Progressive in a research report on Monday, December 4th. They set a “buy” rating and a $57.00 price objective for the company. UBS Group reiterated a “buy” rating and issued a $62.00 target price on shares of Progressive in a research report on Friday, December 1st. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $58.00 target price on shares of Progressive in a research report on Friday, November 17th. MKM Partners increased their target price on shares of Progressive to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 16th. Finally, Morgan Stanley increased their target price on shares of Progressive from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $50.53.

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Progressive Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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