Robeco Institutional Asset Management B.V. Boosts Stock Holdings in The Progressive Corporation $PGR

Key Points

• Robeco Institutional Asset Management B.V. increased its stake in The Progressive Corporation by 23.9% in Q2, owning 412,523 shares valued at approximately $110 million.
• Progressive reported earnings of $4.88 per share for the latest quarter, exceeding expectations, with a net margin of 12.66% and revenue of $20.08 billion.
• The company declared a quarterly dividend of $0.10 per share, to be paid on October 10, representing an annualized yield of 0.2%.

Robeco Institutional Asset Management B.V. lifted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 23.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 412,523 shares of the insurance provider's stock after buying an additional 79,628 shares during the quarter. Robeco Institutional Asset Management B.V. owned about 0.07% of Progressive worth $110,086,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Highline Wealth Partners LLC lifted its position in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP purchased a new position in shares of Progressive in the first quarter valued at $28,000. Garde Capital Inc. bought a new stake in shares of Progressive during the 1st quarter valued at $33,000. Finally, Ransom Advisory Ltd purchased a new stake in Progressive during the 1st quarter worth about $35,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

PGR stock opened at $243.47 on Friday. The firm has a 50 day simple moving average of $245.23 and a two-hundred day simple moving average of $261.09. The stock has a market cap of $142.73 billion, a PE ratio of 13.72, a P/E/G ratio of 1.37 and a beta of 0.32. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping 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 company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the previous year, the firm posted $2.48 EPS. The firm's revenue was up 12.1% compared to the same quarter last year. On average, analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company 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 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 payout ratio is 2.25%.

Insider Transactions at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated 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 approximately $9,767,027.20. This represents a 17.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,922 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the sale, the insider owned 32,346 shares of the company's stock, valued at $8,061,917.04. The trade was a 21.62% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 130,045 shares of company stock worth $31,997,390. Company insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Barclays reduced their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a report on Tuesday, August 19th. Evercore ISI reduced their price objective on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a research note on Wednesday. Wolfe Research started coverage on shares of Progressive in a report on Monday, September 15th. They set a "peer perform" rating on the stock. Citigroup reiterated a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Finally, Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Six equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, Progressive has an average rating of "Hold" and an average target price of $279.63.

Progressive 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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