MAI Capital Management Boosts Stock Holdings in The Progressive Corporation $PGR

Key Points

• MAI Capital Management increased its stake in The Progressive Corporation (NYSE:PGR) by 11.3%, owning a total of 67,890 shares valued at approximately $19.2 million.
• The insurance provider reported a quarterly earnings per share of $4.88, exceeding estimates by $0.45, with revenue reaching $20.08 billion.
• Progressive declared a quarterly dividend of $0.10 per share, payable on October 10th, representing an annualized yield of 0.2%.

MAI Capital Management boosted its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 11.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 67,890 shares of the insurance provider's stock after buying an additional 6,906 shares during the quarter. MAI Capital Management's holdings in Progressive were worth $19,213,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its position in Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after buying an additional 1,800 shares during the period. QRG Capital Management Inc. grew its position 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 grew its position in Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after buying an additional 4,212 shares during the period. Hennessy Advisors Inc. acquired a new position in Progressive during the first quarter worth about $3,141,000. Finally, TCW Group Inc. grew its position in Progressive by 4.5% during the first quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock worth $3,406,000 after buying an additional 523 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 0.4%

Shares of NYSE PGR opened at $247.03 on Friday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The firm's 50 day moving average price is $249.69 and its 200 day moving average price is $266.17. The firm has a market cap of $144.81 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

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

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PGR. Barclays lowered their target price on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 19th. Morgan Stanley increased their price target on shares of Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research report on Friday, August 22nd. UBS Group lowered their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Wells Fargo & Company lowered their price target on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research report on Thursday, August 21st. Finally, Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $284.18.

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the transaction, the insider owned 27,844 shares of the company's stock, valued at $6,742,703.04. This trade represents a 18.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the 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 $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 position. The disclosure for this sale can be found here. Insiders have sold a total of 108,351 shares of company stock valued at $27,003,746 over the last 90 days. 0.34% of the stock is currently owned by 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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