Hsbc Holdings PLC Has $265.70 Million Stock Position in The Progressive Corporation $PGR

Key Points

• HSBC Holdings PLC trimmed its Progressive stake by 2.2% in the first quarter, selling 30,600 shares and ending with 1.34 million shares worth about $265.7 million.
• Progressive’s latest earnings topped expectations, with EPS of $4.80 versus the $4.67 estimate, while revenue rose 6.5% year over year to $22.19 billion. The company also recently paid a quarterly dividend of $0.10 per share.
• Analyst sentiment is mixed but generally cautious: HSBC raised its price target to $221 with a hold rating, and the broader consensus remains Hold with an average price target of $235.05.

Hsbc Holdings PLC reduced its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,339,494 shares of the insurance provider's stock after selling 30,600 shares during the quarter. Hsbc Holdings PLC owned about 0.23% of Progressive worth $265,705,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Klingman & Associates LLC increased its stake 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 in the last quarter. Revisor Wealth Management LLC boosted its stake in 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 in the last quarter. Cullen Investment Group LTD. grew its holdings in Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider's stock worth $1,606,000 after purchasing an additional 52 shares during the period. Pines Wealth Management LLC grew its holdings in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock worth $319,000 after purchasing an additional 52 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock valued at $4,267,000 after purchasing an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Trending Headlines about Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive's quarterly profit rises on higher auto insurance demand
• Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
• Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
• Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
• Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
• Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. HSBC upped their price objective on shares of Progressive from $214.00 to $221.00 and gave the company a "hold" rating in a report on Monday, July 6th. Keefe, Bruyette & Woods decreased their target price on Progressive from $231.00 to $226.00 and set a "market perform" rating for the company in a research report on Thursday. Jefferies Financial Group dropped their price target on Progressive from $216.00 to $215.00 and set a "hold" rating on the stock in a research note on Tuesday, March 24th. Mizuho increased their price target on Progressive from $217.00 to $243.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Finally, UBS Group raised their price objective on Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $235.05.

Progressive Trading Up 0.9%

NYSE:PGR opened at $207.73 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company has a market cap of $121.38 billion, a PE ratio of 10.42, a PEG ratio of 3.91 and a beta of 0.26. The firm has a 50-day moving average of $208.77 and a 200-day moving average of $206.50.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.37 EPS. As a group, equities research analysts expect that The Progressive Corporation will post 17.38 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is 2.01%.

Insider Activity

In related news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction on Friday, June 5th. The stock was 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 directly owned 41,290 shares of the company's stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares of the company's stock, valued at $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 15,230 shares of company stock worth $3,165,817 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

About Progressive

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.