iA Global Asset Management Inc. Has $9.07 Million Holdings in The Progressive Corporation $PGR

Key Points

• iA Global Asset Management increased its stake in Progressive by 40.8% in the first quarter, buying 13,252 additional shares and bringing its total holding to 45,747 shares worth about $9.07 million.
• Several other large institutions also boosted their Progressive positions, and the stock remains heavily institutionally owned at 85.34%.
• Progressive reported Q1 EPS of $4.80, topping estimates, while analysts currently rate the stock a Hold on average with a consensus price target of $237.37.

iA Global Asset Management Inc. lifted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 40.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,747 shares of the insurance provider's stock after purchasing an additional 13,252 shares during the quarter. iA Global Asset Management Inc.'s holdings in Progressive were worth $9,069,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after acquiring an additional 593,612 shares during the period. State Street Corp raised its position in Progressive by 0.3% in the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock worth $6,373,474,000 after purchasing an additional 78,374 shares in the last quarter. Capital International Investors lifted its stake in Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. Capital Research Global Investors lifted its stake in Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Finally, GQG Partners LLC boosted 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 in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the business's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction 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 approximately $4,877,376.18. The trade was a 23.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 5,916 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 15,230 shares of company stock valued at $3,165,817. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. Jefferies Financial Group dropped their target price on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a report on Tuesday, March 24th. Bank of America decreased their price target on Progressive from $331.00 to $313.00 and set a "buy" rating on the stock in a research note on Thursday, June 18th. UBS Group upped their price target on Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a research report on Tuesday. Morgan Stanley cut their price objective on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a report on Tuesday, March 31st. Finally, Barclays set a $247.00 target price on shares of Progressive in a research note on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $237.37.

Progressive Price Performance

Shares of PGR stock opened at $224.95 on Thursday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $263.83. The firm's 50 day moving average is $202.90 and its 200-day moving average is $206.65. The firm has a market capitalization of $131.44 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 6.61 and a beta of 0.26. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business posted $4.37 earnings per share. Progressive's revenue for the quarter was up 6.5% compared to the same quarter last year. Sell-side analysts forecast that The Progressive Corporation will post 17.12 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be 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 is Thursday, July 2nd. Progressive's dividend payout ratio (DPR) is 2.03%.

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.

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