Advisors Capital Management LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 19,623 shares of the insurance provider's stock, valued at approximately $4,287,000.
Several other hedge funds have also made changes to their positions in PGR. Allstate Corp raised its holdings in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock worth $10,136,000 after purchasing an additional 22,915 shares during the period. Norges Bank purchased a new stake in shares of Progressive during the 4th quarter worth about $1,836,094,000. Investment House LLC purchased a new stake in shares of Progressive during the 4th quarter worth about $8,447,000. Van Cleef Asset Management Inc increased its position in Progressive by 1.2% during the 4th quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider's stock worth $173,429,000 after purchasing an additional 9,017 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd acquired a new stake in Progressive during the 4th quarter worth approximately $353,906,000. Institutional investors and hedge funds own 85.34% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on PGR. Cantor Fitzgerald reduced their price target on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research report on Monday, August 17th. UBS Group increased their price objective on shares of Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. Wells Fargo & Company lifted their target price on shares of Progressive from $198.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $230.00 price target on shares of Progressive in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of "Hold" and an average target price of $236.05.
Check Out Our Latest Research Report on PGR
Progressive Stock Performance
Shares of PGR opened at $219.45 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $252.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27. The firm has a fifty day moving average of $215.53 and a 200-day moving average of $206.64.
Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive's revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business earned $5.40 earnings per share. As a group, equities analysts anticipate that The Progressive Corporation will post 17.62 earnings per share for the current year.
Progressive Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.01%.
Insider Buying and Selling at Progressive
In other Progressive news, insider Karen Bailo sold 8,452 shares of the company's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares of the company's stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares of the company's stock, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 82,224 shares of company stock valued at $17,416,438. 0.32% of the stock is currently owned by company insiders.
About Progressive
(
Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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