Global Retirement Partners LLC Makes New $1.46 Million Investment in The Progressive Corporation $PGR

Key Points

• Global Retirement Partners LLC purchased 6,695 Progressive shares worth approximately $1.46 million in the second quarter. Institutional investors collectively own 85.34% of PGR.
• Progressive reported quarterly earnings of $5.67 per share, beating estimates of $4.64, while revenue reached $23.61 billion, up 5% year over year.
• PGR recently traded at $203.98, down 2.7%, and analysts maintain a consensus “Hold” rating with an average price target of $233.16. The company also announced a quarterly dividend of $0.10 per share.

Global Retirement Partners LLC purchased a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,695 shares of the insurance provider's stock, valued at approximately $1,463,000.

Several other institutional investors have also recently made changes to their positions in PGR. Vanguard Group Inc. increased its stake in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after purchasing an additional 593,612 shares in the last quarter. State Street Corp lifted its position in Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock valued at $6,373,474,000 after purchasing an additional 78,374 shares in the last quarter. Capital International Investors grew its holdings in Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. GQG Partners LLC grew its holdings in Progressive by 11.7% during the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider's stock valued at $2,375,706,000 after purchasing an additional 1,092,151 shares during the period. Finally, Norges Bank purchased a new stake in Progressive in the fourth quarter worth about $1,836,094,000. Institutional investors own 85.34% of the company's stock.

Progressive Trading Down 2.7%

Progressive stock opened at $203.98 on Tuesday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The firm's 50 day moving average price is $214.43 and its 200-day moving average price is $206.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market cap of $118.59 billion, a P/E ratio of 10.23, a PEG ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive's quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the company posted $5.40 earnings per share. On average, equities analysts predict that The Progressive Corporation will post 17.57 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued 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 is Thursday, October 1st. Progressive's payout ratio is 2.01%.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,242 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $476,895.82. Following the sale, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. The trade was a 7.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares in the company, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 82,224 shares of company stock valued at $17,416,438 in the last ninety days. Company insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Mizuho set a $236.00 target price on shares of Progressive in a research note on Wednesday, August 5th. BMO Capital Markets dropped their price target on shares of Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a research report on Thursday, July 16th. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $190.00 to $210.00 in a research note on Friday, July 24th. Evercore set a $240.00 price objective on shares of Progressive in a research report on Friday, July 10th. Finally, Wells Fargo & Company lowered their target price on shares of Progressive from $205.00 to $198.00 and set an "underweight" rating on the stock in a research note on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $233.16.

Progressive 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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