2,820 Shares in The Progressive Corporation $PGR Acquired by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab Private Ltd has acquired a new position in The Progressive Corporation, purchasing 2,820 shares valued at approximately $798,000 in the first quarter.
• Progressive reported $4.88 earnings per share for its last quarter, surpassing analyst expectations, with a revenue of $20.08 billion despite a slight miss on consensus estimates.
• The company announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, reflecting a dividend yield of 0.2%.

Dynamic Technology Lab Private Ltd bought a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,820 shares of the insurance provider's stock, valued at approximately $798,000.

A number of other institutional investors have also recently modified their holdings of PGR. Nuveen LLC bought a new stake in shares of Progressive during the 1st quarter valued at $1,473,180,000. GQG Partners LLC lifted its position in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. GAMMA Investing LLC lifted its position in shares of Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock valued at $862,059,000 after acquiring an additional 3,038,303 shares during the period. C WorldWide Group Holding A S lifted its position in shares of Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after acquiring an additional 1,238,402 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 0.2%

Progressive stock traded down $0.51 during trading hours on Friday, hitting $248.29. The stock had a trading volume of 2,612,107 shares, compared to its average volume of 2,367,657. 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 market cap of $145.55 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 1.44 and a beta of 0.32. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The business's 50 day simple moving average is $246.44 and its 200-day simple moving average is $264.58.

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

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PGR shares. Citigroup reiterated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Jefferies Financial Group dropped their price objective on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Bank of America upped their price objective on Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, BMO Capital Markets dropped their price objective on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research report on Thursday, August 21st. 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $284.82.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction dated 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 139,010 shares of company stock valued at $34,547,699. 0.33% of the stock is currently owned by corporate insiders.

Progressive Company 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.