Callan Family Office LLC Boosts Stock Position in The Progressive Corporation $PGR

Key Points

• Callan Family Office LLC has significantly increased its stake in The Progressive Corporation by 352.3%, now owning 24,286 shares valued at approximately $6.48 million.
• Progressive's quarterly earnings surpassed expectations, reporting $4.88 earnings per share against a consensus estimate of $4.43, and a year-over-year revenue growth of 12.1%.
• The company is set to distribute a quarterly dividend of $0.10 per share on October 10th, resulting in an annualized yield of 0.2%.

Callan Family Office LLC raised its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 352.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,286 shares of the insurance provider's stock after acquiring an additional 18,916 shares during the period. Callan Family Office LLC's holdings in Progressive were worth $6,481,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Nuveen LLC purchased a new stake in Progressive during the 1st quarter valued at approximately $1,473,180,000. GQG Partners LLC raised its stake in Progressive by 61.4% during 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 acquiring an additional 3,174,632 shares during the last quarter. C WorldWide Group Holding A S raised its stake in Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after acquiring an additional 1,238,402 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. Finally, Axiom Investors LLC DE purchased a new position in shares of Progressive during the 1st quarter worth approximately $194,557,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Bank of America increased their target price on Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods increased their target price on Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research note on Thursday, September 18th. UBS Group cut their target price on Progressive from $268.00 to $261.00 and set a "neutral" rating for the company in a research note on Wednesday. Barclays set a $271.00 target price on Progressive in a research note on Wednesday. Finally, BMO Capital Markets set a $252.00 target price on Progressive in a research note on Thursday, September 18th. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of "Hold" and an average price target of $279.63.

Progressive Stock Performance

NYSE PGR opened at $241.90 on Friday. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a market capitalization of $141.80 billion, a P/E ratio of 13.63, a PEG ratio of 1.35 and a beta of 0.32. The business has a 50 day moving average price of $245.21 and a 200 day moving average price of $259.98. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

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

Progressive Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is 2.25%.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,345 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the sale, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This represents a 4.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

About Progressive

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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