AG2R LA Mondiale Gestion D Actifs Purchases Shares of 21,645 The Progressive Corporation $PGR

Key Points

• AG2R LA Mondiale Gestion D Actifs acquired 21,645 shares of The Progressive Corporation (PGR), valued at approximately $6,167,000, during the first quarter.
• Recent analyst reports reflect a divided outlook, with Wells Fargo reducing its price objective to $327.00, while Bank of America increased its target to $347.00, indicating mixed perceptions on the stock's performance.
• The Progressive Corporation's stock opened at $248.69 and reported earnings of $4.88 per share, exceeding expectations by $0.45, with a quarterly revenue of $20.08 billion.

AG2R LA Mondiale Gestion D Actifs acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 21,645 shares of the insurance provider's stock, valued at approximately $6,167,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive during the fourth quarter worth $269,000. Highview Capital Management LLC DE boosted its stake in Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares in the last quarter. Bison Wealth LLC increased its stake in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Progressive by 2.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,052 shares of the insurance provider's stock valued at $19,126,000 after purchasing an additional 2,132 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares of the company's stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock worth $34,547,699 over the last quarter. Insiders own 0.33% of the company's stock.

Progressive Stock Performance

NYSE:PGR traded down $2.83 on Monday, reaching $245.45. 2,944,284 shares of the company's stock were exchanged, compared to its average volume of 2,367,657. The firm has a market cap of $143.88 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 1.44 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a fifty day simple moving average of $246.44 and a 200-day simple moving average of $264.58. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period last year, the firm earned $2.48 EPS. Progressive's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is 2.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PGR. BMO Capital Markets reduced their target price on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research note on Thursday, August 21st. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Barclays cut their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 19th. Wells Fargo & Company dropped their price objective on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research note on Thursday, August 21st. Finally, Wolfe Research assumed coverage on Progressive in a research note on Monday. They set a "peer perform" rating on the stock. Nine research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, Progressive currently has an average rating of "Hold" and an average target price of $284.82.

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.