Fisher Funds Management LTD Has $35.35 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Fisher Funds Management increased its stake in Progressive by 12.6% in the first quarter, ending with 178,334 shares valued at about $35.35 million.
• Progressive reported better-than-expected EPS of $4.80 in its latest quarterly results, though revenue of $22.19 billion came in below analysts’ estimates.
• Several market signals remain mixed: insiders sold shares in June, while analysts still rate the stock a consensus Hold with an average target price of $237.58.

Fisher Funds Management LTD lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 12.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 178,334 shares of the insurance provider's stock after purchasing an additional 19,918 shares during the period. Fisher Funds Management LTD's holdings in Progressive were worth $35,353,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Klingman & Associates LLC raised its position in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock valued at $667,000 after acquiring an additional 48 shares during the period. Revisor Wealth Management LLC raised its holdings in shares of Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock worth $395,000 after acquiring an additional 50 shares during the period. Cullen Investment Group LTD. lifted its position in Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider's stock valued at $1,606,000 after acquiring an additional 52 shares in the last quarter. Pines Wealth Management LLC lifted its position in Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock valued at $319,000 after acquiring an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC boosted its stake in Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock worth $4,267,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

PGR opened at $204.42 on Monday. The business's 50-day simple moving average is $200.01 and its 200 day simple moving average is $207.09. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $267.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a market capitalization of $119.45 billion, a PE ratio of 10.39, a PEG ratio of 6.31 and a beta of 0.28.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business's quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.37 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 16.82 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders 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 yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive's dividend payout ratio is 2.03%.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 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 $231,400.00. Following the completion of the transaction, the insider directly owned 28,668 shares of the company's stock, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.32% of the company's stock.

Progressive News Roundup

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive's May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. Piper Sandler reiterated an "overweight" rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research report on Friday, May 22nd. Jefferies Financial Group decreased their price objective on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a report on Tuesday, March 24th. Barclays set a $247.00 target price on Progressive in a research report on Wednesday, March 18th. Finally, Morgan Stanley reduced their price target on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research report on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average target price of $237.58.

Progressive Company Profile

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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