Daiwa Securities Group Inc. Purchases 15,635 Shares of The Progressive Corporation $PGR

Key Points

• Daiwa Securities Group increased its stake in Progressive by 10.6% in the fourth quarter, adding 15,635 shares to bring its total holding to 162,456 shares valued at about $37.0 million.
• Progressive’s stock has drawn mixed analyst views: the company currently has a consensus rating of Hold with an average price target of $238.11, while several firms recently reiterated or set targets ranging from $208 to $259.
• The insurer reported Q1 earnings that beat EPS estimates, with $4.80 per share versus $4.67 expected, though revenue came in below forecasts; it also declared a quarterly dividend of $0.10 per share.

Daiwa Securities Group Inc. boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 10.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 162,456 shares of the insurance provider's stock after acquiring an additional 15,635 shares during the period. Daiwa Securities Group Inc.'s holdings in Progressive were worth $36,995,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PGR. Brighton Jones LLC boosted its holdings in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive in the fourth quarter valued at about $269,000. Bison Wealth LLC boosted its holdings in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC boosted its holdings in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock valued at $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC boosted its holdings in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock valued at $3,681,000 after acquiring an additional 1,622 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PGR. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Piper Sandler restated an "overweight" rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Royal Bank Of Canada set a $208.00 target price on Progressive in a report on Friday, May 22nd. The Goldman Sachs Group restated a "buy" rating and set a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Finally, Barclays set a $247.00 target price on Progressive in a report on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $238.11.

Progressive Price Performance

Shares of PGR opened at $195.60 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $283.95. The stock has a market cap of $114.29 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 5.61 and a beta of 0.28. The stock's 50-day moving average price is $198.86 and its two-hundred day moving average price is $208.90.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive's revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $4.37 earnings per share. On average, equities analysts predict that The Progressive Corporation will post 16.33 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Activity at Progressive

In other 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 sale, the chief accounting officer owned 558 shares of the company's stock, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

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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