Fox Hill Wealth Management Acquires Shares of 9,321 The Progressive Corporation $PGR

Key Points

• Fox Hill Wealth Management has acquired 9,321 shares of The Progressive Corporation, valued at approximately $2,487,000, now representing 1.3% of its portfolio.
• Progressive's recent quarterly earnings reported an EPS of $4.88, exceeding expectations, with revenue at $20.08 billion, marking a 12.1% year-over-year increase.
• Analysts have given Progressive an average rating of "Moderate Buy", with a consensus price target of $284.82, reflecting optimism in the stock's future performance.

Fox Hill Wealth Management acquired a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 9,321 shares of the insurance provider's stock, valued at approximately $2,487,000. Progressive comprises about 1.3% of Fox Hill Wealth Management's portfolio, making the stock its 25th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Progressive by 1.2% during 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 lifted its position in shares of Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after buying an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Progressive by 6.6% in the 1st 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 worth $1,805,642,000 after buying an additional 396,567 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Progressive by 18.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after buying an additional 915,643 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PGR shares. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Bank of America raised their price target on shares of Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday. Morgan Stanley raised their price target on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a research report on Thursday, July 17th. Finally, Citigroup restated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $284.82.

Progressive Trading Down 0.2%

Shares of NYSE:PGR opened at $248.29 on Friday. The company has a market cap of $145.55 billion, a PE ratio of 13.99, a P/E/G ratio of 1.44 and a beta of 0.32. The company's 50-day moving average price is $246.44 and its 200 day moving average price is $264.68. 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 quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $2.48 EPS. Sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock worth $34,547,699 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

About Progressive

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.

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