SouthState Corp Has $2.92 Million Position in The Progressive Corporation (NYSE:PGR)

Key Points

• SouthState Corp significantly increased its holdings in The Progressive Corporation, raising its position by 8,150.4% to a total market value of $2.92 million during the first quarter.
• Insider selling was noted, with key executives selling shares, including Karen Bailo and Patrick K. Callahan, who decreased their respective positions by 21.62% and 18.29%.
• Progressive's recent financial performance showed a 12.1% increase in quarterly revenue year-over-year, with earnings per share surpassing analysts' estimates at $4.88.

SouthState Corp raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 8,150.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,313 shares of the insurance provider's stock after buying an additional 10,188 shares during the period. SouthState Corp's holdings in Progressive were worth $2,919,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after buying an additional 1,800 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in Progressive by 36.4% in the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after buying an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its holdings in Progressive by 498.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after buying an additional 4,212 shares during the period. Hennessy Advisors Inc. acquired a new position in Progressive in the first quarter valued at approximately $3,141,000. Finally, TCW Group Inc. lifted its holdings in Progressive by 4.5% in the first quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock valued at $3,406,000 after buying an additional 523 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the completion of the transaction, the insider directly owned 27,844 shares of the company's stock, valued at approximately $6,742,703.04. This trade represents a 18.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,250 shares of company stock worth $26,332,348. Corporate insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods lowered their target price on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research note on Thursday, July 17th. BMO Capital Markets lowered their target price on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Wells Fargo & Company upped their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Finally, Barclays lowered their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Progressive presently has an average rating of "Moderate Buy" and a consensus price target of $286.88.

Progressive Stock Up 0.5%

Progressive stock opened at $246.49 on Monday. The company has a market cap of $144.49 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33. The Progressive Corporation has a 1-year low of $217.91 and a 1-year high of $292.99. The company has a fifty day simple moving average of $256.79 and a 200 day simple moving average of $266.45. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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

Progressive Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) 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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