Dockside LLC Invests $5.88 Million in The Progressive Corporation $PGR

Key Points

• Dockside LLC purchased 26,926 Progressive shares worth approximately $5.88 million in the second quarter, making PGR its ninth-largest holding and 1.4% of its portfolio. Institutional investors collectively own 85.34% of the company.
• Analyst sentiment remains cautious, with an average “Hold” rating and a consensus price target of $235; five analysts rate the stock Buy, 14 Hold, and two Sell.
• Progressive exceeded quarterly expectations, reporting $5.67 in earnings per share versus the $4.64 consensus and $23.61 billion in revenue. The company also declared a quarterly dividend of $0.10 per share, equal to a 0.2% annualized yield.

Dockside LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 26,926 shares of the insurance provider's stock, valued at approximately $5,882,000. Progressive makes up 1.4% of Dockside LLC's holdings, making the stock its 9th largest position.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Norges Bank acquired a new position in Progressive during the fourth quarter worth $1,836,094,000. Wellington Management Group LLP boosted its stake in shares of Progressive by 181.8% during the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider's stock valued at $1,481,615,000 after acquiring an additional 4,197,212 shares during the last quarter. Diamant Asset Management Inc. boosted its stake in shares of Progressive by 19,724.0% during the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider's stock valued at $806,614,000 after acquiring an additional 4,048,351 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in Progressive during the 4th quarter worth about $353,906,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Progressive by 193.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider's stock valued at $502,519,000 after purchasing an additional 1,454,111 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. William Blair reaffirmed a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. UBS Group boosted their price target on Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th. Wells Fargo & Company reduced their price target on Progressive from $205.00 to $198.00 and set an "underweight" rating on the stock in a research note on Thursday, July 16th. Finally, BMO Capital Markets decreased their price objective on Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a report on Thursday, July 16th. Five equities research 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, the company has an average rating of "Hold" and an average target price of $235.00.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,452 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company's stock, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares of the company's stock, valued at approximately $5,583,637.50. This represents a 7.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by insiders.

Progressive Trading Up 0.3%

Shares of PGR stock opened at $209.48 on Friday. The stock has a market cap of $121.79 billion, a price-to-earnings ratio of 10.51, a price-to-earnings-growth ratio of 2.81 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The firm's 50 day moving average price is $214.36 and its two-hundred day moving average price is $206.47.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts' consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm's quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.40 earnings per share. On average, analysts anticipate that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's payout ratio is 2.01%.

Progressive Company 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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