OP Asset Management Ltd Takes Position in The Progressive Corporation $PGR

Key Points

• OP Asset Management opened a new position in Progressive during the first quarter, buying 79,105 shares valued at about $15.7 million.
• Progressive reported Q1 earnings of $4.80 per share, topping analyst estimates, while revenue came in below expectations at $22.19 billion. The company also posted strong profitability metrics, including a 33.47% return on equity.
• The insurer declared a quarterly dividend of $0.10 per share, payable July 10, and Wall Street currently has a Hold consensus on the stock with an average price target of $237.58.

OP Asset Management Ltd acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 79,105 shares of the insurance provider's stock, valued at approximately $15,682,000.

Several other hedge funds have also modified their holdings of PGR. Brighton Jones LLC lifted its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in Progressive in the fourth quarter worth $269,000. Bison Wealth LLC increased its position in shares of Progressive by 3.2% during 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 in the last quarter. HUB Investment Partners LLC increased its position in shares of Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its stake in Progressive by 12.0% during the 2nd 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 during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,157 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider owned 27,511 shares of the company's stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares of the company's stock, valued at approximately $8,258,000. This trade represents a 12.53% 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 8,230 shares of company stock valued at $1,651,507 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Progressive Price Performance

NYSE:PGR opened at $220.66 on Thursday. The firm's fifty day moving average is $201.02 and its two-hundred day moving average is $206.81. The firm has a market cap of $128.94 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 6.61 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $267.92.

Progressive (NYSE:PGR - Get Free Report) last released 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. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company's revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $4.37 EPS. Research analysts expect that The Progressive Corporation will post 16.91 EPS for the current year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PGR shares. Wells Fargo & Company decreased their price target on Progressive from $222.00 to $219.00 and set an "equal weight" rating for the company in a research note on Thursday, June 18th. Piper Sandler restated an "overweight" rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research report on Friday, May 22nd. Evercore reiterated a "negative" rating on shares of Progressive in a research note on Wednesday, March 18th. Finally, UBS Group upped their price target on shares of Progressive from $218.00 to $220.00 and gave the company a "neutral" rating in a research note on Monday, March 23rd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive has an average rating of "Hold" and a consensus target price of $237.58.

Progressive 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.