Man Group plc acquired a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 157,124 shares of the insurance provider's stock, valued at approximately $34,324,000.
Several other hedge funds have also recently modified their holdings of PGR. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the fourth quarter worth about $269,000. Bison Wealth LLC increased its holdings in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC lifted its position in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after buying an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC lifted its position in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock worth $3,681,000 after buying an additional 1,622 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.
Progressive Stock Up 0.1%
Shares of PGR opened at $222.36 on Thursday. The company has a market cap of $129.27 billion, a PE ratio of 11.15, a P/E/G ratio of 2.96 and a beta of 0.27. The business has a fifty day moving average of $216.64 and a 200 day moving average of $207.04. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.83. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. During the same period in the previous year, the firm earned $5.40 earnings per share. Progressive's quarterly revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts expect that The Progressive Corporation will post 17.74 EPS for the current year.
Progressive Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.01%.
Insider Buying and Selling
In other news, insider Lori A. Niederst sold 7,339 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the transaction, the insider owned 42,567 shares of the company's stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the sale, the executive owned 26,250 shares in the company, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 83,449 shares of company stock worth $17,685,203 over the last three months. 0.32% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. UBS Group raised their price target on Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th. HSBC upped their price objective on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a report on Monday, July 6th. Evercore set a $240.00 target price on shares of Progressive in a report on Friday, July 10th. Wells Fargo & Company boosted their price target on shares of Progressive from $198.00 to $201.00 and gave the stock an "underweight" rating in a research report on Thursday, August 20th. Finally, Keefe, Bruyette & Woods raised shares of Progressive from a "market perform" rating to an "outperform" rating and upped their price target for the company from $226.00 to $250.00 in a research note on Thursday, August 20th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $236.05.
Read Our Latest Stock Report on Progressive
Progressive Profile
(
Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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