14,537 Shares in The Progressive Corporation $PGR Acquired by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP has acquired a new stake in The Progressive Corporation, buying 14,537 shares valued at approximately $4.1 million in the first quarter.
• Multiple hedge funds have increased their positions in Progressive, with Nuveen LLC's investment reaching approximately $1.47 billion, reflecting significant interest from institutional investors.
• Progressive recently declared a quarterly dividend of $0.10 per share, set to be paid on October 10th, 2023, translating to an annualized dividend yield of 0.2%.

Cinctive Capital Management LP bought a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 14,537 shares of the insurance provider's stock, valued at approximately $4,114,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after acquiring an additional 1,800 shares during the last quarter. Belmont Capital LLC purchased a new stake in shares of Progressive during the first quarter worth about $580,000. QRG Capital Management Inc. grew its stake in Progressive by 36.4% in the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its stake in Progressive by 498.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in Progressive in the first quarter worth about $3,141,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PGR shares. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Bank of America decreased their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Jefferies Financial Group decreased their price target on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research note on Thursday, July 17th. Finally, Morgan Stanley lifted their price target on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Friday, August 22nd. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and an average target price of $284.18.

Progressive Stock Performance

PGR stock traded down $5.25 during midday trading on Friday, reaching $243.76. The company had a trading volume of 1,690,776 shares, compared to its average volume of 2,637,555. 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 has a 50 day moving average price of $247.98 and a 200 day moving average price of $265.56. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The firm has a market capitalization of $142.90 billion, a PE ratio of 13.73, a P/E/G ratio of 1.42 and a beta of 0.32.

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

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders 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 dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's payout ratio is 2.25%.

Insider Activity at Progressive

In other news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $337,299.10. Following the sale, the insider owned 31,733 shares of the company's stock, valued at approximately $7,958,001.74. The trade was a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $249.96, for a total value of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares in the company, valued at approximately $5,402,135.52. This trade represents a 22.38% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 139,010 shares of company stock valued at $34,547,699. Company insiders own 0.34% of the company's stock.

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.