Neo Ivy Capital Management Invests $412,000 in The Progressive Corporation (NYSE:PGR)

Key Points

• Neo Ivy Capital Management acquired a new stake of 1,456 shares in The Progressive Corporation, valued at approximately $412,000, according to their recent 13F filing.
• Several analysts have lowered their price targets for Progressive, with Barclays and Evercore ISI setting new targets at $287.00 and $275.00, respectively, which has led to a consensus price target of $286.88.
• Progressive recently announced a $0.10 dividend paid to shareholders, with a yield of 0.15% and a dividend payout ratio of 2.25% as reported in their earnings results.

Neo Ivy Capital Management bought a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,456 shares of the insurance provider's stock, valued at approximately $412,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Highline Wealth Partners LLC increased its holdings in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after buying an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in Progressive during the 4th quarter valued at approximately $28,000. HWG Holdings LP purchased a new stake in shares of Progressive during the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. bought a new position in shares of Progressive during the 1st quarter valued at approximately $33,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.1%

PGR stock traded down $0.29 during trading on Wednesday, hitting $241.20. 645,722 shares of the company's stock were exchanged, compared to its average volume of 3,264,397. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99. The business has a 50-day moving average price of $262.43 and a two-hundred day moving average price of $266.14. The stock has a market capitalization of $141.40 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.44 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business's quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.48 EPS. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Insider Buying and Selling

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director directly owned 12,429 shares in the company, valued at approximately $3,451,160.43. The trade was a 16.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the sale, the director directly owned 12,217 shares in the company, valued at approximately $3,181,673.31. This represents a 23.15% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,972 shares of company stock worth $9,078,681. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research note on Thursday, July 17th. Barclays reduced their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Jefferies Financial Group lowered their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Wells Fargo & Company upped their target price on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $286.88.

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.