Range Financial Group LLC Has $2.85 Million Stake in The Progressive Corporation $PGR

Key Points

• Range Financial Group LLC increased its stake in The Progressive Corporation by 296.8%, owning 10,682 shares valued at approximately $2.85 million as of the latest SEC filing.
• Multiple institutional investors, including Vanguard Group and GQG Partners, have also increased their holdings in Progressive, reflecting strong institutional interest.
• Analysts have mixed views on Progressive, with varying price targets and nine analysts rating it as a "Buy," while the stock has a consensus rating of "Hold" and an average price target of $284.82.

Range Financial Group LLC lifted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 296.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,682 shares of the insurance provider's stock after buying an additional 7,990 shares during the period. Progressive makes up about 1.1% of Range Financial Group LLC's investment portfolio, making the stock its 23rd largest holding. Range Financial Group LLC's holdings in Progressive were worth $2,851,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Nuveen LLC bought a new stake in shares of Progressive during the first quarter valued at about $1,473,180,000. GQG Partners LLC lifted its holdings in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. GAMMA Investing LLC lifted its holdings in Progressive by 39,285.0% in the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after purchasing an additional 3,038,303 shares during the period. C WorldWide Group Holding A S lifted its holdings in Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after purchasing an additional 1,238,402 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after purchasing an additional 1,091,828 shares during the period. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Shares of PGR stock traded up $0.26 during mid-day trading on Friday, reaching $242.26. The company's stock had a trading volume of 4,778,275 shares, compared to its average volume of 2,433,152. The company has a market cap of $142.02 billion, a P/E ratio of 13.65, a PEG ratio of 1.37 and a beta of 0.32. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm's 50-day moving average is $245.83 and its two-hundred day moving average is $263.47.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $20.39 billion. During the same period in the previous year, the business earned $2.48 earnings per share. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday, September 13th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday. Bank of America cut their price target on shares of Progressive from $347.00 to $343.00 and set a "buy" rating for the company in a report on Thursday. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued a $265.00 price target (down from $327.00) on shares of Progressive in a report on Thursday. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of "Hold" and an average price target of $279.44.

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider owned 32,346 shares of the company's stock, valued at $8,061,917.04. This trade represents a 21.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,062 shares of company stock worth $32,217,635 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

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.