Envestnet Asset Management Inc. Increases Stock Position in The Progressive Corporation $PGR

Key Points

• Envestnet Asset Management increased its Progressive stake by 1% in the second quarter, bringing its holdings to 2.11 million shares valued at approximately $460.6 million. Institutional investors collectively own 85.34% of the insurer.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $234.89; ratings include seven Buys, 13 Holds, and two Sells.
• Progressive reported quarterly EPS of $5.67, beating estimates by $1.03, while revenue rose 5% year over year to $23.61 billion. The company also declared a quarterly dividend of $0.10 per share, representing a 0.2% yield.

Envestnet Asset Management Inc. increased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 1.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,108,462 shares of the insurance provider's stock after buying an additional 19,976 shares during the period. Envestnet Asset Management Inc. owned 0.36% of Progressive worth $460,593,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Progressive in the second quarter worth $10,496,271,000. State Street Corp raised its stake in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock valued at $5,794,814,000 after purchasing an additional 656,249 shares during the period. Capital International Investors lifted its holdings in Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. Bank of America Corp DE purchased a new stake in Progressive during the 2nd quarter worth about $2,682,342,000. Finally, Norges Bank bought a new position in Progressive in the 4th quarter worth about $1,836,094,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. BMO Capital Markets reiterated a "market perform" rating on shares of Progressive in a research report on Monday. JPMorgan Chase & Co. decreased their target price on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating on the stock in a report on Tuesday, August 4th. William Blair reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $250.00 price target on shares of Progressive in a report on Friday, September 18th. Finally, Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $234.89.

Insider Activity

In other news, insider John Murphy sold 8,124 shares of the business's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. This trade represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 105,557 shares of company stock valued at $22,715,077. Insiders own 0.32% of the company's stock.

Progressive Price Performance

PGR stock opened at $203.03 on Thursday. The firm has a 50 day simple moving average of $214.42 and a two-hundred day simple moving average of $208.44. The stock has a market cap of $118.03 billion, a PE ratio of 10.18, a P/E/G ratio of 2.65 and a beta of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $248.17. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $23.61 billion for the quarter, compared to analysts' expectations of $19.49 billion. During the same quarter in the prior year, the firm earned $5.40 earnings per share. The firm's revenue was up 5.0% on a year-over-year basis. On average, analysts predict that The Progressive Corporation will post 17.9 EPS for the current fiscal year.

Progressive Announces Dividend

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

Progressive Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.

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