Spirepoint Private Client LLC acquired a new stake in The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 4,218 shares of the insurance provider's stock, valued at approximately $1,126,000.
Several other institutional investors have also recently added to or reduced their stakes in PGR. Nuveen LLC purchased a new stake in Progressive during the first quarter worth approximately $1,473,180,000. GQG Partners LLC increased its holdings in shares of Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. GAMMA Investing LLC boosted its stake in shares of Progressive by 39,285.0% in the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock valued at $862,059,000 after buying an additional 3,038,303 shares in the last quarter. C WorldWide Group Holding A S boosted its stake in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have commented on PGR. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Citigroup restated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Wolfe Research initiated coverage on Progressive in a research report on Monday, September 15th. They issued a "peer perform" rating on the stock. BMO Capital Markets set a $252.00 target price on Progressive in a research note on Thursday, September 18th. Finally, Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a report on Thursday, July 17th. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Progressive has an average rating of "Hold" and an average target price of $279.31.
Check Out Our Latest Analysis on PGR
Progressive Stock Performance
Progressive stock opened at $243.46 on Friday. The stock's 50-day moving average is $245.34 and its 200-day moving average is $262.14. The company has a market cap of $142.72 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.35 and a beta of 0.32. 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 Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The company 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 quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business posted $2.48 EPS. Equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.
Progressive Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is 2.25%.
Insider Buying and Selling at Progressive
In related news, CEO Susan Patricia Griffith sold 30,659 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,045 shares of company stock worth $34,635,290. Insiders own 0.34% of the company's stock.
About Progressive
(
Free Report)
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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