Baader Bank Aktiengesellschaft Purchases 3,749 Shares of The Progressive Corporation $PGR

Key Points

• Baader Bank Aktiengesellschaft increased its holdings in The Progressive Corporation by 12.9%, acquiring an additional 3,749 shares, bringing its total to 32,842 shares valued at approximately $8.7 million.
• Progressive reported an impressive EPS of $4.88 for the quarter, surpassing expectations, as well as revenue of $20.08 billion, indicating a year-over-year growth of 12.1%.
• The company announced a quarterly dividend of $0.10 per share, with an annual yield of 0.2% set to be paid on October 10th to shareholders on record by October 2nd.

Baader Bank Aktiengesellschaft boosted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 12.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,842 shares of the insurance provider's stock after purchasing an additional 3,749 shares during the period. Progressive comprises 0.6% of Baader Bank Aktiengesellschaft's holdings, making the stock its 28th biggest holding. Baader Bank Aktiengesellschaft's holdings in Progressive were worth $8,703,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Progressive by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock valued at $15,289,037,000 after buying an additional 622,590 shares during the period. GQG Partners LLC boosted its position in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after buying an additional 3,174,632 shares during the period. Alliancebernstein L.P. boosted its position in Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after buying an additional 1,091,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider's stock valued at $1,805,642,000 after buying an additional 396,567 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Progressive in the 1st quarter worth approximately $1,473,180,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.6%

PGR stock opened at $243.49 on Thursday. The firm has a market cap of $142.74 billion, a PE ratio of 13.72, a P/E/G ratio of 1.42 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm's fifty day moving average is $246.02 and its 200 day moving average is $264.05. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99.

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

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group lowered their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. UBS Group lowered their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Bank of America upped their price target on shares of Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. BMO Capital Markets cut shares of Progressive from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $279.00 to $250.00 in a research report on Wednesday. Finally, Evercore ISI cut shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $283.31.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 139,010 shares of company stock valued at $34,547,699. Insiders own 0.34% of the company's stock.

Progressive Company 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.

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