Capital International Inc. CA Increases Stake in The Progressive Corporation $PGR

Key Points

• Capital International Inc. CA increased its stake in Progressive by 5.7% in the fourth quarter, buying 10,314 more shares and bringing its holdings to 191,837 shares worth about $43.7 million.
• Progressive reported quarterly earnings of $4.80 per share, beating analyst estimates, while revenue came in at $22.19 billion and rose 6.5% year over year.
• The company announced a quarterly dividend of $0.10 per share, and analysts currently have a consensus Hold rating on the stock with an average price target of $238.11.

Capital International Inc. CA raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 5.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 191,837 shares of the insurance provider's stock after purchasing an additional 10,314 shares during the period. Capital International Inc. CA's holdings in Progressive were worth $43,685,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital International Investors lifted its holdings in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. Weik Capital Management lifted its holdings in Progressive by 2.9% in the 4th quarter. Weik Capital Management now owns 88,902 shares of the insurance provider's stock valued at $20,245,000 after purchasing an additional 2,517 shares in the last quarter. MCF Advisors LLC lifted its holdings in Progressive by 17.9% in the 4th quarter. MCF Advisors LLC now owns 2,435 shares of the insurance provider's stock valued at $554,000 after purchasing an additional 370 shares in the last quarter. Pinebridge Investments LLC purchased a new position in Progressive in the 4th quarter valued at $1,769,000. Finally, PBU The Pension Fund of Early Childhood & Youth Educators purchased a new position in shares of Progressive during the 4th quarter worth $6,769,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Up 4.6%

NYSE PGR opened at $204.27 on Friday. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $283.95. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The business's fifty day simple moving average is $198.89 and its 200-day simple moving average is $208.87. The firm has a market cap of $119.37 billion, a PE ratio of 10.39, a P/E/G ratio of 5.91 and a beta of 0.28.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company's quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $4.37 EPS. As a group, equities analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive's dividend payout ratio (DPR) is presently 2.03%.

Analysts Set New Price Targets

Several research firms have recently commented on PGR. Argus upgraded Progressive to a "hold" rating in a report on Thursday, March 5th. Roth Mkm set a $235.00 price target on Progressive in a report on Thursday, February 19th. Bank of America reduced their price target on Progressive from $325.00 to $320.00 and set a "buy" rating on the stock in a report on Wednesday, May 20th. Keefe, Bruyette & Woods reiterated a "market perform" rating on shares of Progressive in a report on Friday, May 22nd. Finally, Wells Fargo & Company lifted their price target on Progressive from $218.00 to $222.00 and gave the stock an "equal weight" rating in a report on Thursday, May 21st. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Progressive currently has a consensus rating of "Hold" and an average target price of $238.11.

Insider Activity

In related news, CAO Carl G. Joyce sold 270 shares of the firm's stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares of the company's stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.32% of the company's stock.

Progressive Profile

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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