Shepherd Financial Partners LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,896 shares of the insurance provider's stock, valued at approximately $3,691,000.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock valued at $12,584,067,000 after purchasing an additional 593,612 shares during the period. BlackRock Inc. purchased a new stake in Progressive in the second quarter valued at $10,496,271,000. State Street Corp grew its position in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock worth $6,373,474,000 after purchasing an additional 78,374 shares during the period. Capital International Investors grew its position in Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. Finally, GQG Partners LLC raised its stake in shares of Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider's stock valued at $2,375,706,000 after buying an additional 1,092,151 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have issued reports on PGR. William Blair reissued a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $190.00 to $210.00 in a research note on Friday, July 24th. The Goldman Sachs Group reiterated a "buy" rating and issued a $230.00 target price on shares of Progressive in a research note on Wednesday. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $234.11.
View Our Latest Stock Report on Progressive
Progressive Trading Up 4.9%
PGR stock opened at $217.28 on Thursday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The business's 50-day moving average is $214.84 and its 200 day moving average is $206.46. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market cap of $126.32 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 2.80 and a beta of 0.27.
Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion during the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business's revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.40 earnings per share. On average, sell-side analysts anticipate that The Progressive Corporation will post 17.47 EPS for the current fiscal year.
Progressive Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's payout ratio is presently 2.01%.
Insider Transactions at Progressive
In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Jo Murphy sold 8,124 shares of Progressive stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 82,224 shares of company stock worth $17,416,438 in the last quarter. 0.32% of the stock is owned by insiders.
Progressive Profile
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Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).
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