Quarry LP Raises Holdings in The Progressive Corporation $PGR

Key Points

• Quarry LP increased its stake in The Progressive Corporation by 112.2% during the 1st quarter, owning a total of 2,020 shares valued at $572,000.
• Progressive reported a quarterly EPS of $4.88, surpassing the consensus estimate of $4.43, while revenue was $20.08 billion for the quarter.
• The company announced a quarterly dividend of $0.10, set to be paid on October 10th, with an annualized dividend yield of 0.2%.

Quarry LP raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 112.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,020 shares of the insurance provider's stock after purchasing an additional 1,068 shares during the period. Quarry LP's holdings in Progressive were worth $572,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Integrated Advisors Network LLC boosted its stake in shares of Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC boosted its stake in shares of Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. boosted its stake in shares of Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after buying an additional 38 shares during the last quarter. Beacon Financial Group boosted its stake in shares of Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after buying an additional 39 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of Progressive by 2.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after buying an additional 39 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of Progressive stock opened at $247.03 on Friday. The stock's 50-day simple moving average is $249.69 and its 200-day simple moving average is $266.17. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a market capitalization of $144.81 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.44 and a beta of 0.33. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

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

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $556,230.04. Following the sale, the insider directly owned 45,724 shares of the company's stock, valued at approximately $11,466,664.72. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.96, for a total value of $1,557,750.72. Following the completion of the sale, the insider directly owned 21,612 shares in the company, valued at $5,402,135.52. This trade represents a 22.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,351 shares of company stock valued at $27,003,746. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

PGR has been the topic of a number of research reports. Bank of America dropped their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research report on Wednesday, August 13th. BMO Capital Markets lowered their target price on Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a research report on Thursday, August 21st. Wells Fargo & Company lowered their target price on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research report on Thursday, August 21st. Finally, Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $284.18.

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.

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