MUFG Securities EMEA plc Raises Stock Position in The Progressive Corporation $PGR

Key Points

• MUFG Securities EMEA plc more than doubled its stake in Progressive in the fourth quarter, increasing holdings by 114.7% to 67,040 shares worth about $15.3 million.
• Progressive’s insiders were net sellers last quarter, including sales by CAO Carl G. Joyce and insider Karen Bailo, while institutional ownership remains high at 85.34%.
• The company reported better-than-expected quarterly earnings of $4.80 per share, though revenue came in below estimates; analysts currently rate the stock a consensus Hold with an average price target of $238.11.

MUFG Securities EMEA plc grew its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 114.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,040 shares of the insurance provider's stock after buying an additional 35,820 shares during the period. MUFG Securities EMEA plc's holdings in Progressive were worth $15,266,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dagco Inc. purchased a new position in shares of Progressive in the 4th quarter worth $28,000. Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after purchasing an additional 65 shares during the period. Entrust Financial LLC purchased a new position in shares of Progressive during the 4th quarter worth about $33,000. Kingdom Financial Group LLC. purchased a new position in shares of Progressive during the 4th quarter worth about $34,000. Finally, Bangor Savings Bank boosted its stake in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after purchasing an additional 58 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider owned 32,348 shares of the company's stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,928 shares of company stock valued at $831,251 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on PGR shares. BMO Capital Markets reaffirmed a "market perform" rating and set a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. UBS Group lifted their price target on shares of Progressive from $218.00 to $220.00 and gave the stock a "neutral" rating in a research note on Monday, March 23rd. Weiss Ratings cut shares of Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Morgan Stanley dropped their price target on shares of Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research note on Tuesday, March 31st. Finally, Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $238.11.

Progressive Trading Down 2.2%

Shares of PGR opened at $190.27 on Friday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $289.96. The company has a 50-day moving average of $199.66 and a 200 day moving average of $209.74. The firm has a market capitalization of $111.18 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 5.52 and a beta of 0.31. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business posted $4.37 EPS. The firm's revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts expect that The Progressive Corporation will post 16.36 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.03%.

Progressive Company Profile

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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