Van Cleef Asset Management Inc decreased its stake in shares of Progressive Corp (NYSE:PGR) by 1.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 893,916 shares of the insurance provider’s stock after selling 14,982 shares during the period. Progressive accounts for 14.9% of Van Cleef Asset Management Inc’s investment portfolio, making the stock its biggest position. Van Cleef Asset Management Inc owned approximately 0.15% of Progressive worth $64,442,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of PGR. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Progressive during the first quarter worth about $26,000. Lindbrook Capital LLC purchased a new stake in shares of Progressive during the fourth quarter worth about $27,000. Liberty Wealth Management LLC purchased a new stake in shares of Progressive during the fourth quarter worth about $30,000. Karp Capital Management Corp purchased a new stake in shares of Progressive during the fourth quarter worth about $32,000. Finally, Capital Investment Advisory Services LLC bought a new stake in Progressive in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 79.02% of the company’s stock.
In other news, insider Steven Broz sold 3,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.49, for a total transaction of $244,470.00. Following the completion of the transaction, the insider now owns 15,701 shares of the company’s stock, valued at $1,279,474.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 1,715 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total transaction of $134,610.35. Following the transaction, the director now directly owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The disclosure for this sale can be found here. Insiders sold 146,350 shares of company stock valued at $11,313,287 over the last quarter. 0.39% of the stock is currently owned by corporate insiders.
Progressive (NYSE:PGR) last announced its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The company had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same period in the previous year, the business earned $1.22 EPS. The company’s revenue was up 16.0% on a year-over-year basis. Analysts expect that Progressive Corp will post 5.23 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, July 5th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 9.05%.
Several brokerages recently weighed in on PGR. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a report on Monday, May 27th. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a report on Thursday, June 6th. UBS Group lifted their target price on Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Buckingham Research set a $64.00 target price on Progressive and gave the company a “hold” rating in a research note on Monday, May 13th. Finally, Janney Montgomery Scott started coverage on Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Progressive presently has an average rating of “Buy” and an average price target of $79.31.
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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