BlackRock Inc. bought a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 48,048,848 shares of the insurance provider's stock, valued at approximately $10,496,271,000. BlackRock Inc. owned about 8.26% of Progressive as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Progressive in the fourth quarter worth approximately $1,836,094,000. Deutsche Bank AG bought a new stake in Progressive in the second quarter valued at approximately $1,098,838,000. Wellington Management Group LLP increased its position in Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider's stock valued at $1,481,615,000 after purchasing an additional 4,197,212 shares during the period. Diamant Asset Management Inc. lifted its position in shares of Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider's stock worth $806,614,000 after purchasing an additional 4,048,351 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Progressive in the 2nd quarter worth approximately $658,955,000. Institutional investors own 85.34% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the stock. HSBC increased their price objective on shares of Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research report on Monday, July 6th. Wells Fargo & Company dropped their target price on shares of Progressive from $205.00 to $198.00 and set an "underweight" rating on the stock in a report on Thursday, July 16th. Keefe, Bruyette & Woods cut their price target on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research report on Friday, May 22nd. Finally, Cantor Fitzgerald cut their target price on Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research report on Monday. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $233.16.
Get Our Latest Stock Report on Progressive
Progressive Stock Down 2.7%
Shares of NYSE:PGR opened at $203.98 on Tuesday. The company has a market capitalization of $118.59 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The business has a fifty day moving average price of $214.43 and a two-hundred day moving average price of $206.43. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93.
Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping 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 analysts' expectations of $19.49 billion. During the same period in the previous year, the business posted $5.40 EPS. The business's revenue for the quarter was up 5.0% compared to the same quarter last year. Analysts forecast that The Progressive Corporation will post 17.57 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's payout ratio is presently 2.01%.
Insider Activity
In other news, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares of the company's stock, valued at $111,199,682.96. This represents a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the sale, the insider owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. The trade was 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. Over the last ninety days, insiders sold 82,224 shares of company stock worth $17,416,438. 0.32% of the stock is owned by 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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