QRG Capital Management Inc. Raises Holdings in The Progressive Corporation $PGR

Key Points

• QRG Capital Management Inc. increased its holdings in The Progressive Corporation by 12.4%, acquiring an additional 15,678 shares during the second quarter, bringing its total to 142,504 shares valued at approximately $38 million.
• Analysts have a cautious outlook on Progressive, with ratings ranging from a "buy" to a "hold," and a consensus target price of $279.63.
• Progressive recently declared a quarterly dividend of $0.10 per share, with an annual yield of 0.2%, set to be paid on October 10th.

QRG Capital Management Inc. boosted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 12.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,504 shares of the insurance provider's stock after acquiring an additional 15,678 shares during the quarter. QRG Capital Management Inc.'s holdings in Progressive were worth $38,029,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Highline Wealth Partners LLC lifted its position in Progressive by 114.0% in the first 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 last quarter. TruNorth Capital Management LLC raised its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new position in shares of Progressive in the 1st quarter worth approximately $28,000. Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter worth approximately $33,000. Finally, Ransom Advisory Ltd acquired a new stake in Progressive in the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research reports. Weiss Ratings restated a "buy (b)" rating on shares of Progressive in a research note on Saturday, September 27th. Wells Fargo & Company reissued an "equal weight" rating and set a $265.00 target price (down previously from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. BMO Capital Markets set a $252.00 price target on shares of Progressive in a research report on Thursday, September 18th. Finally, Citigroup reissued a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Progressive has a consensus rating of "Hold" and a consensus target price of $279.63.

Progressive Price Performance

Progressive stock opened at $246.10 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $245.14 and a 200-day simple moving average of $260.84. The stock has a market cap of $144.27 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

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

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares in the company, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 in the last quarter. Company insiders own 0.34% of the company's stock.

About Progressive

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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