Integrity Alliance LLC. Purchases Shares of 16,146 The Progressive Corporation $PGR

Key Points

• Integrity Alliance LLC acquired 16,146 shares of The Progressive Corporation, valued at about $4,569,000, during Q1, indicating growing institutional interest in the insurance sector.
• Progressive reported strong earnings of $4.88 per share for the most recent quarter, surpassing analyst estimates, and achieved a 12.1% revenue growth year-over-year.
• Recent analyst reports show mixed sentiment with ratings at "buy" and "hold", and a target price averaging $284.18 for Progressive shares.

Integrity Alliance LLC. purchased a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 16,146 shares of the insurance provider's stock, valued at approximately $4,569,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC purchased a new position in Progressive during the 1st quarter worth $1,473,180,000. GQG Partners LLC boosted its holdings in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after acquiring an additional 3,038,303 shares during the last quarter. C WorldWide Group Holding A S boosted its holdings in Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after acquiring an additional 1,238,402 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Trading Down 1.1%

Shares of PGR opened at $243.27 on Wednesday. The business's 50-day moving average price is $247.14 and its 200-day moving average price is $265.25. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The stock has a market cap of $142.61 billion, a PE ratio of 13.71, a P/E/G ratio of 1.43 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly 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. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period in the prior year, the business posted $2.48 earnings per share. The company's revenue was up 12.1% on a year-over-year basis. On average, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is 2.25%.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Morgan Stanley boosted their price target on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Finally, Barclays dropped their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $284.18.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 16,664 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,922 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was 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 owned 32,346 shares in the company, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,010 shares of company stock valued at $34,547,699 in the last 90 days. 0.33% of the stock is owned by company insiders.

Progressive Profile

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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