QRG Capital Management Inc. Increases Position in The Progressive Corporation $PGR

Key Points

• Institutional ownership increased: QRG Capital Management raised its Progressive stake by 19.2% to 86,011 shares worth approximately $18.8 million. Institutional investors collectively own 85.34% of the company.
• Progressive reported strong quarterly results: The insurer posted earnings of $5.67 per share, beating estimates by $1.03, while revenue rose 5% year over year to $23.61 billion.
• Shares and insider activity drew attention: PGR opened at $203.03, down 1.9%, while insiders sold $22.7 million of stock over the past 90 days. Analysts maintain a consensus “Hold” rating with an average price target of $234.89.

QRG Capital Management Inc. raised its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 19.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 86,011 shares of the insurance provider's stock after acquiring an additional 13,850 shares during the period. QRG Capital Management Inc.'s holdings in Progressive were worth $18,789,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PGR. Envestnet Portfolio Solutions Inc. raised its stake in Progressive by 22.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,750 shares of the insurance provider's stock worth $3,004,000 after purchasing an additional 2,495 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Progressive by 1.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,108,462 shares of the insurance provider's stock worth $460,593,000 after buying an additional 19,976 shares during the last quarter. State Street Corp raised its position in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock valued at $5,794,814,000 after buying an additional 656,249 shares during the period. Talon Private Wealth LLC purchased a new stake in shares of Progressive during the 2nd quarter valued at approximately $213,000. Finally, Tidal Investments LLC lifted its holdings in Progressive by 15.9% in the second quarter. Tidal Investments LLC now owns 83,911 shares of the insurance provider's stock valued at $18,330,000 after acquiring an additional 11,525 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Susan Griffith sold 37,338 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares of the company's stock, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares of the company's stock, valued at approximately $9,370,900. The trade was a 7.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 105,557 shares of company stock valued at $22,715,077 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Progressive Stock Down 1.9%

PGR stock opened at $203.03 on Thursday. The company's 50 day moving average price is $214.42 and its 200 day moving average price is $208.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $248.17. The firm has a market capitalization of $118.03 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 2.65 and a beta of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion during the quarter, compared to analysts' expectations of $19.49 billion. During the same quarter in the previous year, the business posted $5.40 EPS. The firm's revenue was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Corporation will post 17.9 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive's dividend payout ratio is 2.01%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Roth Capital reaffirmed a "buy" rating and issued a $245.00 price target on shares of Progressive in a research note on Thursday, August 20th. The Goldman Sachs Group restated a "buy" rating and issued a $230.00 price objective on shares of Progressive in a report on Wednesday, August 19th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Progressive in a research report on Monday. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $250.00 price objective on shares of Progressive in a report on Friday, September 18th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $234.89.

Progressive Company Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.

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