Cumberland Partners Ltd boosted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 161.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,065 shares of the insurance provider's stock after buying an additional 12,385 shares during the quarter. Cumberland Partners Ltd's holdings in Progressive were worth $5,679,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Brighton Jones LLC grew its stake in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the 4th quarter worth $269,000. Highview Capital Management LLC DE grew its stake in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares during the period. Westpac Banking Corp grew its stake in shares of Progressive by 2.0% during the 4th quarter. Westpac Banking Corp now owns 13,671 shares of the insurance provider's stock worth $3,276,000 after acquiring an additional 274 shares during the period. Finally, World Investment Advisors grew its stake in shares of Progressive by 103.4% during the 4th quarter. World Investment Advisors now owns 6,726 shares of the insurance provider's stock worth $1,612,000 after acquiring an additional 3,419 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
PGR has been the topic of a number of recent research reports. BMO Capital Markets dropped their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Barclays dropped their price objective on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Wells Fargo & Company increased their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. JPMorgan Chase & Co. increased their price objective on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Finally, Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.
Check Out Our Latest Report on Progressive
Progressive Trading Up 0.2%
PGR traded up $0.37 on Monday, hitting $241.46. 2,284,632 shares of the company were exchanged, compared to its average volume of 3,915,410. The firm has a fifty day simple moving average of $260.21 and a two-hundred day simple moving average of $266.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The Progressive Corporation has a 12 month low of $208.13 and a 12 month high of $292.99. The stock has a market capitalization of $141.55 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping 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 business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the company earned $2.48 EPS. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. Sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.
Progressive Dividend Announcement
The firm also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is currently 2.25%.
Insider Transactions at Progressive
In other news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive 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 sale, the chief executive officer directly owned 506,945 shares in the company, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the sale, the insider owned 47,942 shares in the company, valued at approximately $11,949,064.08. This represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,250 shares of company stock worth $26,332,348. Corporate insiders own 0.33% of the company's stock.
About Progressive
(
Free Report)
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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