Lecap Asset Management Ltd. Makes New Investment in The Progressive Corporation $PGR

Key Points

• Lecap Asset Management Ltd. has acquired 3,552 shares of The Progressive Corporation, valued at approximately $948,000, as per their latest SEC filing.
• Progressive reported earnings of $4.88 per share for the last quarter, exceeding analyst expectations, while their revenue increased by 12.1% year-over-year.
• The company announced a quarterly dividend of $0.10 per share, to be paid on October 10th, representing an annualized yield of 0.2%.

Lecap Asset Management Ltd. acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,552 shares of the insurance provider's stock, valued at approximately $948,000.

A number of other large investors also recently added to or reduced their stakes in PGR. Highline Wealth Partners LLC raised its position in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC raised its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new position in Progressive during the first quarter worth $28,000. Garde Capital Inc. acquired a new position in Progressive during the first quarter worth $33,000. Finally, Ransom Advisory Ltd acquired a new position in Progressive during the first quarter worth $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock opened at $243.47 on Friday. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The stock has a market cap of $142.73 billion, a P/E ratio of 13.72, a PEG ratio of 1.37 and a beta of 0.32. The company has a 50-day moving average price of $245.23 and a 200 day moving average price of $261.09. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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

Progressive Dividend Announcement

The company 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 dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, September 18th. Barclays reduced their target price on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. UBS Group reduced their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Evercore ISI reduced their target price on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a research report on Wednesday. Finally, BMO Capital Markets set a $252.00 target price on shares of Progressive in a research report on Thursday, September 18th. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $279.63.

Insider Activity

In related news, insider John Jo Murphy sold 2,218 shares of the firm's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the transaction, the insider directly owned 30,388 shares of the company's stock, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock valued at $31,997,390 in the last quarter. Insiders own 0.34% of the company's stock.

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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