Meiji Yasuda Asset Management Co Ltd. trimmed its stake in shares of Progressive Corp (NYSE:PGR) by 12.7% in the first quarter, HoldingsChannel.com reports. The fund owned 30,597 shares of the insurance provider’s stock after selling 4,470 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Progressive were worth $2,206,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Progressive during the 1st quarter valued at approximately $26,000. Lindbrook Capital LLC acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $27,000. Liberty Wealth Management LLC acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $30,000. Karp Capital Management Corp acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $32,000. Finally, Capital Investment Advisory Services LLC acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $33,000. Institutional investors own 79.11% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research report on Monday, May 27th. 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 report on Wednesday, April 17th. Wells Fargo & Co reiterated a “hold” rating and set a $73.00 price target on shares of Progressive in a research report on Thursday, February 28th. UBS Group lifted their price target on shares of Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, Buckingham Research set a $64.00 price target on shares of Progressive and gave the company a “hold” rating in a research report on Monday, May 13th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $79.75.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The firm had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.20 billion. During the same period in the previous year, the firm posted $1.22 EPS. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, research analysts expect that Progressive Corp will post 5.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.49%. Progressive’s dividend payout ratio is currently 9.05%.
In other Progressive news, Director Dyke Kahina Van sold 1,715 shares of Progressive stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total value of $134,610.35. Following the completion of the sale, the director now directly owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $72.65, for a total transaction of $871,800.00. Following the completion of the sale, the chief financial officer now directly owns 371,815 shares of the company’s stock, valued at $27,012,359.75. The disclosure for this sale can be found here. Insiders have sold a total of 143,350 shares of company stock valued at $10,961,057 over the last 90 days. Insiders own 0.39% of the company’s stock.
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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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