Connor Clark & Lunn Investment Management Ltd. trimmed its stake in shares of Progressive Corp (NYSE:PGR) by 13.2% during the first quarter, HoldingsChannel.com reports. The fund owned 400,675 shares of the insurance provider’s stock after selling 61,000 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Progressive were worth $28,885,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of PGR. Jackson Grant Investment Advisers Inc. acquired a new stake in Progressive in the 1st quarter valued at $26,000. Lindbrook Capital LLC acquired a new stake in Progressive in the 4th quarter valued at $27,000. Liberty Wealth Management LLC acquired a new stake in Progressive in the 4th quarter valued at $30,000. Karp Capital Management Corp acquired a new stake in Progressive in the 4th quarter valued at $32,000. Finally, Capital Investment Advisory Services LLC acquired a new stake in Progressive in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 79.67% of the company’s stock.
Several brokerages have issued reports on PGR. Credit Suisse Group lifted their price target on shares of Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Wednesday, April 17th. Citigroup lifted their price target on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Wells Fargo & Co reiterated a “hold” rating and issued a $70.00 price target on shares of Progressive in a research note on Wednesday, January 23rd. Buckingham Research set a $64.00 price target on shares of Progressive and gave the company a “hold” rating in a research note on Monday, May 13th. Finally, Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Monday, April 22nd. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Progressive has an average rating of “Buy” and an average target price of $79.83.
Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.45. The company had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.20 billion. Progressive had a net margin of 8.77% and a return on equity of 27.10%. Progressive’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 EPS. Research analysts expect that Progressive Corp will post 5.21 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is 9.05%.
In related news, insider Steven Broz sold 2,500 shares of Progressive stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $72.93, for a total transaction of $182,325.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $72.65, for a total transaction of $871,800.00. Following the sale, the chief financial officer now directly owns 371,815 shares of the company’s stock, valued at approximately $27,012,359.75. The disclosure for this sale can be found here. Insiders have sold a total of 145,850 shares of company stock valued at $11,143,382 in the last ninety days. 0.39% of the stock is currently owned by insiders.
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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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