Generali Asset Management SPA SGR Has $15.25 Million Position in The Progressive Corporation $PGR

Key Points

• Generali Asset Management SPA SGR reduced its holdings in The Progressive Corporation by 2.1% during the second quarter, bringing its position to 57,152 shares valued around $15.25 million.
• The Progressive Corporation reported earnings of $4.88 per share for the last quarter, exceeding estimates, while revenue was $20.08 billion but slightly below analyst expectations.
• Progressive recently announced a quarterly dividend of $0.10 per share, representing a 0.2% yield and a payout ratio of 2.25%.

Generali Asset Management SPA SGR lowered its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 2.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,152 shares of the insurance provider's stock after selling 1,239 shares during the quarter. Generali Asset Management SPA SGR's holdings in Progressive were worth $15,252,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC lifted its position in shares of Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after buying an additional 63 shares during the period. HWG Holdings LP bought a new position in shares of Progressive during the first quarter valued at $28,000. Garde Capital Inc. bought a new position in shares of Progressive during the first quarter valued at $33,000. Ransom Advisory Ltd acquired a new stake in shares of Progressive in the 1st quarter valued at $35,000. Finally, Activest Wealth Management grew its holdings in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock worth $37,000 after purchasing an additional 127 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Stock Up 1.8%

NYSE PGR opened at $240.54 on Wednesday. The stock has a market capitalization of $141.01 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 1.31 and a beta of 0.32. The Progressive Corporation has a 52 week low of $228.54 and a 52 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 fifty day moving average of $245.05 and a 200-day moving average of $259.11.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.48 earnings per share. On average, equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The shares were 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 of the company's stock, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares of the company's stock, valued at $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 over the last 90 days. Insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Morgan Stanley cut their price target on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a report on Monday, September 22nd. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research note on Thursday, September 18th. Barclays set a $271.00 price target on Progressive in a research report on Wednesday, October 8th. UBS Group cut their price objective on Progressive from $268.00 to $261.00 and set a "neutral" rating for the company in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. increased their target price on Progressive from $301.00 to $303.00 and gave the stock an "overweight" rating in a report on Thursday, October 9th. Seven equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average target price of $279.63.

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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