Fifth Third Bancorp reduced its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 4.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,563 shares of the insurance provider's stock after selling 5,751 shares during the period. Fifth Third Bancorp's holdings in Progressive were worth $30,039,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in PGR. Vanguard Group Inc. lifted its stake in shares of Progressive by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock valued at $15,289,037,000 after acquiring an additional 622,590 shares during the last quarter. GQG Partners LLC raised its position in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Progressive by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider's stock valued at $1,805,642,000 after purchasing an additional 396,567 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Progressive during the first quarter worth about $1,473,180,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 1,345 shares of the company's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider directly owned 30,388 shares in the company, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 140,045 shares of company stock worth $34,635,290 over the last 90 days. 0.34% of the stock is owned by company insiders.
Progressive Trading Up 0.5%
Shares of PGR stock opened at $239.89 on Thursday. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a 50 day simple moving average of $245.50 and a two-hundred day simple moving average of $262.62. The company has a market cap of $140.62 billion, a P/E ratio of 13.51, a PEG ratio of 1.33 and a beta of 0.32.
Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter last year, the firm posted $2.48 EPS. The company's quarterly revenue was up 12.1% on a year-over-year basis. Research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.
Progressive Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio is 2.25%.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on PGR shares. Morgan Stanley reduced their target price on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a report on Monday. Cantor Fitzgerald raised Progressive to a "hold" rating in a report on Wednesday, August 13th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Sunday. Barclays lowered their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $265.00 target price (down from $327.00) on shares of Progressive in a report on Thursday, September 18th. Six investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of "Hold" and an average price target of $279.31.
View Our Latest Stock Analysis on Progressive
About Progressive
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).
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