Index Fund Advisors Inc. Purchases 2,807 Shares of The Progressive Corporation $PGR

Key Points

• Index Fund Advisors Inc. significantly increased its holdings in The Progressive Corporation by 343.2% during the 2nd quarter, acquiring a total of 3,625 shares valued at approximately $967,000.
• Several institutional investors are actively adjusting their stakes in Progressive, with 85.34% of the company’s stock owned by institutional investors.
• Progressive Corporation recently announced a quarterly dividend of $0.10 per share, translating to an annual yield of 0.2% and a dividend payout ratio of 2.25%.

Index Fund Advisors Inc. grew its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 343.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,625 shares of the insurance provider's stock after buying an additional 2,807 shares during the quarter. Index Fund Advisors Inc.'s holdings in Progressive were worth $967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive during the fourth quarter valued at approximately $269,000. Bison Wealth LLC increased its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after buying an additional 80 shares during the last quarter. GAMMA Investing LLC increased its holdings in Progressive by 39.2% during the first quarter. GAMMA Investing LLC now owns 10,763 shares of the insurance provider's stock valued at $3,046,000 after buying an additional 3,029 shares during the last quarter. Finally, CVA Family Office LLC increased its holdings in Progressive by 9.2% during the first quarter. CVA Family Office LLC now owns 1,011 shares of the insurance provider's stock valued at $286,000 after buying an additional 85 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Bank of America upped their target price on shares of Progressive from $343.00 to $350.00 and gave the company a "buy" rating in a report on Monday, September 29th. BMO Capital Markets set a $252.00 target price on shares of Progressive in a report on Thursday, September 18th. Barclays set a $271.00 target price on shares of Progressive in a report on Wednesday. Finally, Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research note on Wednesday, August 13th. Seven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, Progressive currently has an average rating of "Hold" and an average target price of $279.63.

Insider Activity at Progressive

In related news, insider Karen Bailo sold 8,922 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the completion of the transaction, the insider directly owned 32,346 shares of the company's stock, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock valued at $31,997,390 in the last ninety days. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $240.18 on Monday. The firm has a fifty day moving average price of $245.20 and a 200-day moving average price of $259.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market cap of $140.80 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.33 and a beta of 0.32. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the company posted $2.48 earnings per share. Equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

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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