The Progressive Corporation (NYSE:PGR) Shares Acquired by LGT Group Foundation

Key Points

• LGT Group Foundation increased its stake in The Progressive Corporation by 17.6%, now holding 127,803 shares worth approximately $36.17 million.
• Progressive's CFO John P. Sauerland sold 16,664 shares for about $4.15 million, reducing his ownership by 6.81%.
• The company announced a quarterly dividend of $0.10 per share, payable on October 10, reflecting a yield of 0.2%.

LGT Group Foundation increased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 17.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 127,803 shares of the insurance provider's stock after acquiring an additional 19,121 shares during the quarter. LGT Group Foundation's holdings in Progressive were worth $36,170,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Highline Wealth Partners LLC raised its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC raised its position in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive in the 4th quarter worth about $28,000. HWG Holdings LP purchased a new position in shares of Progressive in the 1st quarter worth about $28,000. Finally, Garde Capital Inc. purchased a new position in shares of Progressive in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the sale, the insider owned 47,942 shares in the company, valued at $11,949,064.08. The trade was a 4.42% 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, insider Andrew J. Quigg sold 3,191 shares of Progressive stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $795,324.84. Following the completion of the sale, the insider owned 37,977 shares in the company, valued at $9,465,387.48. This represents a 7.75% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,250 shares of company stock valued at $26,332,348. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Bank of America reduced their price objective on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Citigroup assumed coverage on Progressive in a research note on Wednesday. They set a "buy" rating and a $312.00 price target for the company. BMO Capital Markets cut their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research note on Wednesday. Finally, Barclays cut their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $283.06.

Progressive Price Performance

Shares of NYSE:PGR traded up $2.00 during trading on Thursday, reaching $251.19. The stock had a trading volume of 4,574,102 shares, compared to its average volume of 3,178,978. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The business has a fifty day moving average price of $253.79 and a 200-day moving average price of $266.24. The stock has a market cap of $147.25 billion, a PE ratio of 14.15, a PEG ratio of 1.47 and a beta of 0.33. 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 announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $20.39 billion. During the same quarter last year, the business posted $2.48 earnings per share. The firm's revenue was up 12.1% compared to the same quarter last year. On average, equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Progressive Company 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.