Eukles Asset Management Has $5.61 Million Stock Holdings in The Progressive Corporation (NYSE:PGR)

Eukles Asset Management raised its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,837 shares of the insurance provider's stock after buying an additional 1,610 shares during the period. Progressive accounts for approximately 2.5% of Eukles Asset Management's portfolio, making the stock its 8th biggest holding. Eukles Asset Management's holdings in Progressive were worth $5,614,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. State of Alaska Department of Revenue raised its holdings in Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after buying an additional 1,800 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of Progressive by 36.4% in the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in shares of Progressive by 498.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares during the period. Hennessy Advisors Inc. bought a new position in shares of Progressive in the first quarter worth about $3,141,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Progressive by 16.5% in the first quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after purchasing an additional 13,231 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $329,901.46. Following the sale, the insider directly owned 27,621 shares of the company's stock, valued at approximately $7,191,955.98. The trade was a 4.39% 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, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the sale, the insider directly owned 41,289 shares in the company, valued at $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,705 shares of company stock valued at $11,450,948. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

PGR stock traded up $2.50 during trading on Friday, reaching $260.30. 2,685,585 shares of the stock were exchanged, compared to its average volume of 2,780,105. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a 50 day simple moving average of $274.28 and a 200-day simple moving average of $265.27. The company has a market capitalization of $152.59 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 1.61 and a beta of 0.37. The Progressive Corporation has a twelve month low of $207.50 and a twelve month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be issued a dividend of $0.10 per share. This represents a yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's payout ratio is 2.70%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PGR shares. Barclays lifted their price objective on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. BMO Capital Markets lifted their price objective on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. UBS Group lifted their price objective on Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Finally, Jefferies Financial Group dropped their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $288.88.

Progressive 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.