MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,293 shares of the insurance provider's stock after acquiring an additional 3,241 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Progressive were worth $23,573,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Integrated Wealth Concepts LLC raised its stake in shares of Progressive by 3.2% in the first quarter. Integrated Wealth Concepts LLC now owns 27,962 shares of the insurance provider's stock valued at $7,914,000 after acquiring an additional 857 shares in the last quarter. Eminence Capital LP raised its stake in shares of Progressive by 0.5% in the first quarter. Eminence Capital LP now owns 116,059 shares of the insurance provider's stock valued at $32,846,000 after acquiring an additional 627 shares in the last quarter. Eventide Asset Management LLC acquired a new stake in Progressive in the first quarter valued at $3,436,000. Cinctive Capital Management LP purchased a new stake in Progressive during the 1st quarter worth about $4,114,000. Finally, Clark Capital Management Group Inc. lifted its holdings in Progressive by 156.8% during the 1st quarter. Clark Capital Management Group Inc. now owns 19,046 shares of the insurance provider's stock worth $5,390,000 after buying an additional 11,629 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on the company. Keefe, Bruyette & Woods decreased their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Citigroup reaffirmed a "buy" rating on shares of Progressive in a report on Friday, August 29th. BMO Capital Markets decreased their price target on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a report on Thursday, August 21st. Finally, Morgan Stanley lifted their price target on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $284.82.
Read Our Latest Research Report on PGR
Insider Buying and Selling at Progressive
In related news, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.96, for a total value of $1,557,750.72. Following the transaction, the insider owned 21,612 shares in the company, valued at $5,402,135.52. The trade was a 22.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 1,345 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $250.78, for a total value of $337,299.10. Following the completion of the transaction, the insider owned 31,733 shares in the company, valued at $7,958,001.74. This trade represents a 4.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 139,010 shares of company stock valued at $34,547,699. 0.34% of the stock is owned by insiders.
Progressive Stock Performance
Shares of PGR traded up $2.28 during midday trading on Thursday, reaching $248.69. 1,635,875 shares of the stock were exchanged, compared to its average volume of 3,182,185. The business's 50-day moving average price is $246.91 and its 200 day moving average price is $265.12. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The company has a market capitalization of $145.78 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.41 and a beta of 0.32.
Progressive (NYSE:PGR - Get Free Report) last posted its earnings results 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 business had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the previous year, the firm earned $2.48 earnings per share. The business's revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.
Progressive Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is 2.25%.
Progressive Company Profile
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Free Report)
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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