Shell Asset Management Co. Boosts Stock Position in The Progressive Corporation $PGR

Key Points

• Shell Asset Management Co. increased its stake in The Progressive Corporation by 19.0% during the 2nd quarter, bringing its total shares to 60,901, valued at approximately $16.25 million.
• Progressive's CEO recently sold 30,659 shares for over $7.5 million, marking a 6.05% decrease in their position, while insider sales totaled 130,045 shares worth nearly $32 million in the last 90 days.
• Analyst ratings are mixed, with seven analysts giving Progressive a Buy rating and twelve a Hold rating, alongside a revised average price target of $279.63.

Shell Asset Management Co. raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 19.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,901 shares of the insurance provider's stock after acquiring an additional 9,703 shares during the quarter. Progressive makes up approximately 0.6% of Shell Asset Management Co.'s portfolio, making the stock its 26th biggest position. Shell Asset Management Co.'s holdings in Progressive were worth $16,252,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PGR. Integrated Advisors Network LLC boosted its position 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 in the last quarter. Rise Advisors LLC grew its position in shares of Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after purchasing an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its stake 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 worth $545,000 after purchasing an additional 39 shares in the last quarter. True North Advisors LLC raised its position in shares of Progressive by 4.0% during the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock worth $299,000 after purchasing an additional 41 shares during the last quarter. Finally, GenTrust LLC grew its holdings in Progressive by 3.5% during the 1st quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock valued at $349,000 after buying an additional 42 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on PGR shares. Wolfe Research started coverage on Progressive in a research note on Monday, September 15th. They set a "peer perform" rating on the stock. UBS Group cut their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Morgan Stanley cut their price target on Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a report on Monday, September 22nd. BMO Capital Markets set a $252.00 price objective on Progressive in a research report on Thursday, September 18th. Finally, Bank of America increased their target price on Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $279.63.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares of the company's stock, valued at $117,194,933.16. The trade was a 6.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction dated 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 sale, the insider owned 39,040 shares of the company's stock, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is currently owned by insiders.

Progressive Trading Down 2.1%

NYSE:PGR opened at $240.50 on Tuesday. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The business's 50-day moving average is $245.14 and its two-hundred day moving average is $260.43. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $140.98 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.37 and a beta of 0.32.

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

Progressive Announces Dividend

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 paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is 2.25%.

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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