Prescott Group Capital Management L.L.C. 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 1,072 shares of the insurance provider's stock, valued at approximately $303,000.
A number of other institutional investors have also recently added to or reduced their stakes in PGR. Brighton Jones LLC boosted its position in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in Progressive during the 4th quarter worth $269,000. Highview Capital Management LLC DE boosted its position in Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after purchasing an additional 339 shares during the period. TIAA Trust National Association boosted its position in Progressive by 8.8% during the 4th quarter. TIAA Trust National Association now owns 7,733 shares of the insurance provider's stock worth $1,853,000 after purchasing an additional 627 shares during the period. Finally, Financial Counselors Inc. boosted its position in Progressive by 1.0% during the 4th quarter. Financial Counselors Inc. now owns 44,467 shares of the insurance provider's stock worth $10,655,000 after purchasing an additional 429 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.
Progressive Stock Performance
PGR stock traded up $0.28 during midday trading on Tuesday, reaching $241.25. The company had a trading volume of 1,785,267 shares, compared to its average volume of 3,262,091. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The stock has a 50 day moving average price of $263.30 and a 200 day moving average price of $266.31. The Progressive Corporation has a fifty-two week low of $208.13 and a fifty-two week high of $292.99. The firm has a market capitalization of $141.42 billion, a PE ratio of 13.59, a P/E/G ratio of 1.50 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 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the prior year, the firm earned $2.48 EPS. Progressive's quarterly revenue was up 12.1% on a year-over-year basis. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.
Progressive Announces Dividend
The company also recently announced a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were given a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is 2.25%.
Analyst Upgrades and Downgrades
PGR has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Barclays cut their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $286.88.
Check Out Our Latest Research Report on Progressive
Insider Transactions at Progressive
In other Progressive news, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider owned 41,289 shares in the company, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at $60,150,450.96. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,972 shares of company stock worth $9,078,681 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.
About Progressive
(
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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