OMERS ADMINISTRATION Corp Boosts Position in The Progressive Corporation $PGR

Key Points

• OMERS ADMINISTRATION Corp has increased its holdings in The Progressive Corporation by 5.2%, bringing its total shares to 38,058, valued at approximately $10.77 million.
• Insider transactions revealed that CEO Susan Patricia Griffith sold 30,660 shares at around $242.12 each, reducing her stake by 5.70%.
• The Progressive Corporation announced a quarterly dividend of $0.10 per share, which will be payable on October 10th, establishing an annualized yield of 0.2%.

OMERS ADMINISTRATION Corp raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,058 shares of the insurance provider's stock after acquiring an additional 1,880 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Progressive were worth $10,771,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PGR. Highline Wealth Partners LLC boosted its stake in shares of 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 buying an additional 49 shares during the period. TruNorth Capital Management LLC lifted its stake in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new stake in Progressive during the fourth quarter worth approximately $28,000. HWG Holdings LP purchased a new stake in Progressive during the first quarter worth approximately $28,000. Finally, Garde Capital Inc. purchased a new stake in Progressive during the first quarter worth approximately $33,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Karen Bailo sold 8,922 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider owned 32,346 shares of the company's stock, valued at $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider directly owned 27,844 shares in the company, valued at $6,742,703.04. This represents a 18.29% 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 three months. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PGR shares. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Bank of America decreased their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Keefe, Bruyette & Woods decreased their target price on 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 cut their price target on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 19th. Finally, UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $284.18.

Progressive Stock Performance

Shares of NYSE:PGR traded up $0.92 during trading on Monday, reaching $247.03. The company had a trading volume of 2,408,188 shares, compared to its average volume of 2,806,058. The firm has a market capitalization of $144.81 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32. 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 stock's fifty day moving average price is $249.69 and its 200 day moving average price is $266.20. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

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

Progressive Dividend Announcement

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

Progressive Company 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.