Coronation Fund Managers Ltd. Takes $4.14 Million Position in The Progressive Corporation (NYSE:PGR)

Key Points

• Coronation Fund Managers Ltd. has acquired a new position in The Progressive Corporation, purchasing 14,613 shares valued at approximately $4.14 million.
• Insider selling activities were noted, with CFO John P. Sauerland selling 16,664 shares for over $4.15 million, representing a significant decrease in their ownership.
• The Progressive Corporation reported earnings of $4.88 per share for the quarter, exceeding analyst estimates and reflecting a 12.1% increase in revenue compared to the previous year.

Coronation Fund Managers Ltd. bought a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,613 shares of the insurance provider's stock, valued at approximately $4,136,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC grew its stake in Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC lifted its holdings in shares of Progressive by 3.0% during the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after acquiring an additional 37 shares during the period. Contravisory Investment Management Inc. lifted its holdings in Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares during the last quarter. Beacon Financial Group lifted its holdings in Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its holdings in Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after purchasing an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PGR shares. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research note on Thursday, July 17th. Bank of America decreased their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. BMO Capital Markets reduced their price target on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a report on Friday, July 18th. UBS Group reduced their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Finally, Wells Fargo & Company increased their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $283.94.

Progressive Stock Performance

NYSE:PGR traded down $2.13 during mid-day trading on Tuesday, reaching $242.75. 2,396,450 shares of the company's stock were exchanged, compared to its average volume of 3,425,107. The Progressive Corporation has a one year low of $220.33 and a one year high of $292.99. The firm has a market capitalization of $142.30 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33. The business's fifty day simple moving average is $255.02 and its two-hundred day simple moving average is $266.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

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

Progressive Announces Dividend

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

Insiders Place Their Bets

In related news, insider Karen Bailo sold 8,922 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at $8,061,917.04. This trade represents a 21.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the completion of the transaction, the insider owned 27,844 shares in the company, valued at $6,742,703.04. This trade represents a 18.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,250 shares of company stock worth $26,332,348 over the last quarter. 0.33% of the stock is currently owned by corporate insiders.

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.