Corebridge Financial Inc. Acquires 3,556 Shares of The Progressive Co. (NYSE:PGR)

Corebridge Financial Inc. raised its holdings in The Progressive Co. (NYSE:PGR) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 162,820 shares of the insurance provider’s stock after purchasing an additional 3,556 shares during the quarter. Corebridge Financial Inc.’s holdings in Progressive were worth $39,013,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. LPL Financial LLC raised its holdings in shares of Progressive by 20.5% in the third quarter. LPL Financial LLC now owns 391,273 shares of the insurance provider’s stock valued at $99,290,000 after buying an additional 66,628 shares during the last quarter. Eagle Asset Management Inc. increased its position in Progressive by 92.8% in the 3rd quarter. Eagle Asset Management Inc. now owns 39,098 shares of the insurance provider’s stock valued at $10,225,000 after acquiring an additional 18,820 shares in the last quarter. Nwam LLC bought a new position in shares of Progressive in the third quarter worth about $929,000. Stonebrook Private Inc. acquired a new position in shares of Progressive during the third quarter worth approximately $271,000. Finally, GenTrust LLC bought a new stake in shares of Progressive during the third quarter valued at approximately $246,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at $67,530,756.28. This represents a 3.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 1,696 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $479,391.36. Following the completion of the transaction, the executive now owns 26,697 shares of the company’s stock, valued at approximately $7,546,174.02. This represents a 5.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,495 shares of company stock worth $16,668,034. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

PGR stock opened at $273.08 on Monday. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a market cap of $160.08 billion, a PE ratio of 18.96, a P/E/G ratio of 1.70 and a beta of 0.35. The business’s 50-day moving average price is $261.96 and its two-hundred day moving average price is $255.01.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio is presently 2.78%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. UBS Group boosted their price objective on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised their price target on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Barclays boosted their price objective on Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, March 13th. Finally, HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $281.06.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.