Candriam Luxembourg S.C.A. cut its holdings in shares of Progressive Corp (NYSE:PGR) by 3.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 231,927 shares of the insurance provider’s stock after selling 8,095 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Progressive were worth $13,062,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Artisan Partners Limited Partnership lifted its position in Progressive by 23.8% during the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock valued at $694,793,000 after purchasing an additional 2,762,934 shares during the period. Janus Henderson Group PLC lifted its position in Progressive by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock valued at $438,742,000 after purchasing an additional 2,588,522 shares during the period. Bank of New York Mellon Corp lifted its position in Progressive by 55.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after purchasing an additional 2,687,224 shares during the period. Wells Fargo & Company MN lifted its position in Progressive by 49.2% during the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock valued at $328,303,000 after purchasing an additional 2,234,425 shares during the period. Finally, TimesSquare Capital Management LLC lifted its position in Progressive by 11.6% during the 3rd quarter. TimesSquare Capital Management LLC now owns 4,272,045 shares of the insurance provider’s stock valued at $206,852,000 after purchasing an additional 443,100 shares during the period. Institutional investors own 78.27% of the company’s stock.

In related news, insider William M. Cody sold 25,000 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Shares of Progressive Corp (NYSE:PGR) opened at $52.38 on Tuesday. The firm has a market cap of $30,376.37, a P/E ratio of 19.26, a P/E/G ratio of 2.09 and a beta of 0.82. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.37 and a quick ratio of 0.50. Progressive Corp has a 52-week low of $37.29 and a 52-week high of $58.25.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The business had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the business earned $0.66 EPS. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. research analysts predict that Progressive Corp will post 3.41 earnings per share for the current fiscal year.

The firm also recently announced an annual dividend, which was paid on Friday, February 9th. Investors of record on Friday, February 2nd were paid a dividend of $1.125 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a yield of 0.0203325501536237%. Progressive’s payout ratio is 41.18%.

A number of research analysts have issued reports on the stock. MKM Partners upped their target price on shares of Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. UBS Group increased their price target on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Credit Suisse Group reiterated a “hold” rating and issued a $48.00 price target on shares of Progressive in a research report on Friday, December 15th. Wells Fargo & Co set a $55.00 price target on shares of Progressive and gave the company a “hold” rating in a research report on Wednesday, December 13th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $60.00 price target on shares of Progressive in a research report on Wednesday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $50.53.

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Progressive Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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