Boston Partners Has $3.45 Million Stake in The Progressive Corporation $PGR

Key Points

• Boston Partners increased its stake in The Progressive Corporation by 128.3%, acquiring an additional 6,854 shares, bringing their total holdings to 12,197 shares valued at approximately $3.45 million.
• Progressive reported a record EPS of $4.88 for the quarter, exceeding estimates, with revenues of $20.08 billion, showing a 12.1% year-over-year increase.
• Several analysts have downgraded Progressive's stock rating recently, with price targets adjusted down to a current average of $284.88, while maintaining a consensus rating of "Hold".

Boston Partners increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 128.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,197 shares of the insurance provider's stock after purchasing an additional 6,854 shares during the period. Boston Partners' holdings in Progressive were worth $3,452,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Brighton Jones LLC grew its position in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive in the fourth quarter valued at about $269,000. Highview Capital Management LLC DE grew its position in Progressive by 3.2% in the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after acquiring an additional 339 shares during the last quarter. CreativeOne Wealth LLC grew its position in Progressive by 87.0% in the fourth quarter. CreativeOne Wealth LLC now owns 1,692 shares of the insurance provider's stock valued at $405,000 after acquiring an additional 787 shares during the last quarter. Finally, Zacks Investment Management grew its position in Progressive by 18.3% in the fourth quarter. Zacks Investment Management now owns 1,088 shares of the insurance provider's stock valued at $261,000 after acquiring an additional 168 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Trading Up 0.6%

PGR traded up $1.6040 during trading on Wednesday, hitting $252.2440. The company's stock had a trading volume of 3,662,055 shares, compared to its average volume of 3,255,443. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock's fifty day moving average price is $252.37 and its 200-day moving average price is $266.40. The firm has a market capitalization of $147.87 billion, a P/E ratio of 14.21, a PEG ratio of 1.46 and a beta of 0.33.

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

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer directly owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider directly owned 27,844 shares in the company, valued at $6,742,703.04. The trade was a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,313 shares of company stock valued at $28,349,549. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PGR shares. UBS Group reduced their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Barclays reduced their price target on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday. Morgan Stanley reduced their price target on Progressive from $275.00 to $265.00 and set an "equal weight" rating on the stock in a report on Monday, August 11th. Keefe, Bruyette & Woods reduced their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Finally, Bank of America reduced their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $284.53.

Progressive 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.