Greenleaf Trust Raises Holdings in Progressive Corp (PGR)

Greenleaf Trust grew its holdings in shares of Progressive Corp (NYSE:PGR) by 65.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,152 shares of the insurance provider’s stock after purchasing an additional 3,238 shares during the quarter. Greenleaf Trust’s holdings in Progressive were worth $492,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. FDx Advisors Inc. lifted its position in Progressive by 45.0% during the fourth quarter. FDx Advisors Inc. now owns 22,594 shares of the insurance provider’s stock valued at $1,363,000 after purchasing an additional 7,008 shares during the last quarter. Eaton Vance Management boosted its holdings in Progressive by 84.5% in the fourth quarter. Eaton Vance Management now owns 2,444,668 shares of the insurance provider’s stock valued at $147,486,000 after acquiring an additional 1,119,423 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Progressive by 10.3% in the fourth quarter. Prudential Financial Inc. now owns 720,197 shares of the insurance provider’s stock valued at $43,450,000 after acquiring an additional 67,272 shares in the last quarter. Csenge Advisory Group boosted its holdings in shares of Progressive by 8.2% during the 4th quarter. Csenge Advisory Group now owns 5,241 shares of the insurance provider’s stock valued at $316,000 after buying an additional 399 shares in the last quarter. Finally, Barings LLC boosted its holdings in shares of Progressive by 6.9% during the 4th quarter. Barings LLC now owns 38,495 shares of the insurance provider’s stock valued at $2,322,000 after buying an additional 2,500 shares in the last quarter. Institutional investors own 80.26% of the company’s stock.

A number of equities analysts recently issued reports on PGR shares. Morgan Stanley upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price target on the stock in a research note on Wednesday, November 7th. Wells Fargo & Co set a $69.00 price target on shares of Progressive and gave the company a “hold” rating in a research report on Wednesday, November 14th. Barclays increased their target price on shares of Progressive from $59.00 to $67.00 and gave the stock an “underweight” rating in a report on Monday, November 12th. Citigroup increased their target price on shares of Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 14th. Finally, Credit Suisse Group set a $79.00 price target on Progressive and gave the stock a “buy” rating in a research note on Friday, November 2nd. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Progressive presently has a consensus rating of “Buy” and a consensus price target of $72.00.

In related news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $65.27, for a total value of $783,240.00. Following the completion of the sale, the chief financial officer now directly owns 392,019 shares of the company’s stock, valued at approximately $25,587,080.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John A. Barbagallo sold 45,000 shares of the company’s stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $65.44, for a total value of $2,944,800.00. Following the completion of the sale, the insider now directly owns 132,370 shares of the company’s stock, valued at $8,662,292.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,548 shares of company stock worth $7,019,394. 0.70% of the stock is owned by company insiders.

Shares of NYSE:PGR opened at $72.11 on Friday. The company has a market capitalization of $41.83 billion, a PE ratio of 16.31, a PEG ratio of 1.94 and a beta of 0.75. The company has a current ratio of 0.32, a quick ratio of 0.42 and a debt-to-equity ratio of 0.41. Progressive Corp has a 1 year low of $56.67 and a 1 year high of $73.69.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.54%. The business had revenue of $7.94 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period last year, the company earned $0.98 EPS. The business’s revenue for the quarter was up 17.6% on a year-over-year basis. Research analysts anticipate that Progressive Corp will post 5.05 EPS for the current fiscal year.

The business also recently declared an annual dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, April 4th. This represents a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 56.79%.

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About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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