Zurcher Kantonalbank Zurich Cantonalbank Boosts Position in The Progressive Co. (NYSE:PGR)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in The Progressive Co. (NYSE:PGR) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 210,460 shares of the insurance provider’s stock after purchasing an additional 4,443 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Progressive were worth $33,522,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Compass Ion Advisors LLC lifted its holdings in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after acquiring an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC lifted its holdings in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after acquiring an additional 62 shares during the period. Quent Capital LLC lifted its holdings in Progressive by 19.3% in the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 69 shares during the period. BSW Wealth Partners increased its position in Progressive by 4.2% in the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after buying an additional 69 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its position in Progressive by 2.2% in the fourth quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock worth $515,000 after buying an additional 70 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on PGR. Keefe, Bruyette & Woods upped their price target on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. BMO Capital Markets upped their price target on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Jefferies Financial Group upped their price target on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Roth Mkm upped their price target on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $208.31.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

NYSE:PGR opened at $208.35 on Wednesday. The stock has a market capitalization of $122.03 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.86 and a beta of 0.35. The stock has a 50-day moving average price of $198.20 and a 200 day moving average price of $174.08. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $212.24.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS. Equities research analysts forecast that The Progressive Co. will post 10.73 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio is presently 4.09%.

About Progressive

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.