IFM Investors Pty Ltd boosted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 118,283 shares of the insurance provider's stock after acquiring an additional 8,777 shares during the quarter. IFM Investors Pty Ltd's holdings in Progressive were worth $33,475,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State of Alaska Department of Revenue increased its position in shares of Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after purchasing an additional 1,800 shares during the last quarter. QRG Capital Management Inc. boosted its stake in Progressive by 36.4% during the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after buying an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in shares of Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after acquiring an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of Progressive in the 1st quarter valued at approximately $3,141,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Progressive by 16.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after acquiring an additional 13,231 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.
Wall Street Analysts Forecast Growth
PGR has been the subject of several research reports. Jefferies Financial Group dropped their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target for the company in a research report on Monday, April 28th. Wells Fargo & Company boosted their price objective on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 target price on shares of Progressive in a research note on Thursday, April 17th. Finally, UBS Group lifted their target price on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and an average target price of $288.88.
Check Out Our Latest Report on PGR
Progressive Stock Up 1.0%
Shares of Progressive stock traded up $2.50 on Friday, reaching $260.30. 2,685,585 shares of the company were exchanged, compared to its average volume of 2,775,782. The stock's 50 day moving average price is $274.38 and its 200-day moving average price is $265.18. The company has a market cap of $152.59 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 1.61 and a beta of 0.37. The Progressive Corporation has a 1-year low of $207.50 and a 1-year high of $292.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.
Progressive Dividend Announcement
The firm also recently announced a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be issued a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date is Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is presently 2.70%.
Insider Buying and Selling
In related news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the sale, the chief financial officer owned 228,024 shares in the company, valued at $60,150,450.96. The trade was a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the transaction, the director owned 12,217 shares in the company, valued at $3,181,673.31. This represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock valued at $11,450,948 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.
Progressive Company Profile
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Free Report)
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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