Fideuram Intesa Sanpaolo Private Banking S.P.A. Purchases Shares of 9,419 The Progressive Corporation $PGR

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in Progressive during the first quarter, buying 9,419 shares valued at about $1.87 million.
• Progressive reported Q1 earnings of $4.80 per share, beating estimates, though revenue of $22.19 billion came in below expectations. The company also posted 6.5% revenue growth year over year.
• The insurer announced a quarterly dividend of $0.10 per share, payable July 10, while analysts currently rate the stock a consensus “Hold” with an average target price of $237.37.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,419 shares of the insurance provider's stock, valued at approximately $1,867,000.

Several other hedge funds have also modified their holdings of the company. Keybank National Association OH increased its position in Progressive by 2.1% in the first quarter. Keybank National Association OH now owns 94,350 shares of the insurance provider's stock worth $18,704,000 after purchasing an additional 1,975 shares during the last quarter. Vision Capital Management Inc. lifted its position in Progressive by 0.8% during the first quarter. Vision Capital Management Inc. now owns 25,459 shares of the insurance provider's stock valued at $5,047,000 after purchasing an additional 195 shares during the last quarter. Root Financial Partners LLC lifted its position in Progressive by 150.0% during the first quarter. Root Financial Partners LLC now owns 1,240 shares of the insurance provider's stock valued at $246,000 after purchasing an additional 744 shares during the last quarter. Stock Yards Bank & Trust Co. grew its stake in shares of Progressive by 25.8% in the 1st quarter. Stock Yards Bank & Trust Co. now owns 1,339 shares of the insurance provider's stock worth $265,000 after buying an additional 275 shares in the last quarter. Finally, Jacobsen Capital Management grew its stake in shares of Progressive by 8.1% in the 1st quarter. Jacobsen Capital Management now owns 1,098 shares of the insurance provider's stock worth $218,000 after buying an additional 82 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Down 0.2%

PGR opened at $231.75 on Friday. The stock has a market cap of $135.42 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 7.03 and a beta of 0.26. The stock's 50 day moving average price is $203.97 and its 200-day moving average price is $206.81. The Progressive Corporation has a one year low of $189.20 and a one year high of $261.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period last year, the company earned $4.37 EPS. Progressive's quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts forecast that The Progressive Corporation will post 17.12 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced 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. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive's dividend payout ratio (DPR) is 2.03%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PGR. UBS Group boosted their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a report on Tuesday. Mizuho lowered their price target on shares of Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a report on Friday, March 20th. Barclays set a $247.00 price target on Progressive in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods upped their price objective on Progressive from $208.00 to $210.00 and gave the company a "market perform" rating in a research report on Thursday, June 18th. Finally, Jefferies Financial Group lowered their price objective on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a research note on Tuesday, March 24th. Six research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $237.37.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares of the company's stock, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is currently owned by insiders.

About Progressive

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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