Sei Investments Co. Has $141.12 Million Stake in The Progressive Corporation $PGR

Key Points

• Sei Investments Co. has raised its stake in The Progressive Corporation by 1.6%, now owning 498,639 shares valued at approximately $141.1 million.
• Progressive recently reported EPS of $4.88 for the quarter, exceeding estimates and showcasing a 12.1% revenue increase year-over-year.
• Both Citigroup and Wells Fargo have issued buy ratings with price targets of $312 and $333, respectively, indicating positive sentiment among analysts.

Sei Investments Co. boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 1.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 498,639 shares of the insurance provider's stock after acquiring an additional 7,835 shares during the period. Progressive comprises approximately 1.3% of Sei Investments Co.'s holdings, making the stock its 16th biggest holding. Sei Investments Co. owned 0.09% of Progressive worth $141,120,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in PGR. Integrated Advisors Network LLC grew its position in 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 purchasing an additional 36 shares during the last quarter. Pines Wealth Management LLC grew its position in 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 purchasing an additional 37 shares during the last quarter. Contravisory Investment Management Inc. grew its position in 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 purchasing an additional 38 shares during the last quarter. Beacon Financial Group boosted its position in shares of Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after acquiring an additional 39 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after acquiring an additional 39 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,313 shares of company stock valued at $28,349,549 over the last three months. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Wells Fargo & Company lifted their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Bank of America decreased their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. Jefferies Financial Group decreased their target price on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Finally, Citigroup initiated coverage on shares of Progressive in a research report on Wednesday, August 13th. They set a "buy" rating and a $312.00 target price on the stock. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $284.53.

Progressive Price Performance

NYSE:PGR traded up $3.7390 on Tuesday, reaching $250.8290. The stock had a trading volume of 946,931 shares, compared to its average volume of 3,240,844. The company has a market capitalization of $147.04 billion, a P/E ratio of 14.13, a price-to-earnings-growth ratio of 1.46 and a beta of 0.33. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average price of $252.66 and a 200-day moving average price of $266.51.

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. Research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

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.