Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,388,118 shares of the insurance provider's stock, valued at approximately $303,234,000. Barrow Hanley Mewhinney & Strauss LLC owned approximately 0.24% of Progressive as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Bank of Nova Scotia purchased a new position in Progressive during the second quarter worth approximately $76,260,000. Allstate Corp grew its holdings in Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock valued at $10,136,000 after buying an additional 22,915 shares in the last quarter. Norges Bank purchased a new stake in Progressive in the 4th quarter valued at $1,836,094,000. Investment House LLC acquired a new stake in shares of Progressive in the 4th quarter worth $8,447,000. Finally, Van Cleef Asset Management Inc raised its holdings in shares of 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 acquiring an additional 9,017 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.
Analyst Ratings Changes
Several research analysts have recently weighed in on PGR shares. UBS Group boosted their price target on shares of Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a research report on Tuesday, June 30th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $230.00 target price on shares of Progressive in a research note on Wednesday. Keefe, Bruyette & Woods upgraded shares of Progressive from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $226.00 to $250.00 in a report on Thursday. William Blair reissued a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company raised their price target on shares of Progressive from $198.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday. Seven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $236.05.
Check Out Our Latest Stock Analysis on PGR
Progressive Stock Performance
NYSE:PGR opened at $219.45 on Monday. 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 stock has a market capitalization of $127.58 billion, a P/E ratio of 11.01, a PEG ratio of 2.93 and a beta of 0.27. The company has a 50 day moving average price of $215.53 and a 200 day moving average price of $206.66. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $252.82.
Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the previous year, the company earned $5.40 earnings per share. The firm's quarterly revenue was up 5.0% compared to the same quarter last year. Equities research analysts forecast that The Progressive Corporation will post 17.71 EPS for the current year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors 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 is presently 2.01%.
Insider Activity at Progressive
In other news, Director Jeffrey D. Kelly sold 7,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares of the company's stock, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 8,124 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares of the company's stock, valued at $8,782,595.70. This trade represents a 16.44% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 82,224 shares of company stock worth $17,416,438 over the last ninety days. Company insiders own 0.32% of the company's stock.
Progressive Profile
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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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