Gateway Investment Advisers LLC Has $1.63 Million Stake in The Progressive Corporation $PGR

Gateway Investment Advisers LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 33.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,110 shares of the insurance provider's stock after purchasing an additional 1,522 shares during the period. Gateway Investment Advisers LLC's holdings in Progressive were worth $1,631,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PGR. Brighton Jones LLC lifted its position in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive during the fourth quarter worth approximately $269,000. Highview Capital Management LLC DE lifted its position in shares of Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after purchasing an additional 339 shares in the last quarter. Bison Wealth LLC lifted its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after purchasing an additional 80 shares in the last quarter. Finally, Waverly Advisors LLC lifted its position in shares of Progressive by 103.7% during the fourth quarter. Waverly Advisors LLC now owns 5,232 shares of the insurance provider's stock worth $1,254,000 after purchasing an additional 2,663 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. Bank of America increased their price objective on shares of Progressive from $344.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Jefferies Financial Group cut their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Citigroup restated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $283.31.

Progressive Stock Down 0.6%

Progressive stock opened at $243.49 on Thursday. The company has a market cap of $142.74 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.42 and a beta of 0.32. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a fifty day simple moving average of $246.02 and a 200 day simple moving average of $264.05. The company has a current ratio of 0.31, a quick 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 earnings per share for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.48 earnings per share. Research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 completion of the sale, the insider owned 39,040 shares of the company's stock, valued at $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock worth $34,547,699 in the last three months. Insiders own 0.34% of the company's stock.

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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