20,394 Shares in The Progressive Corporation $PGR Purchased by Taikang Asset Management Hong Kong Co Ltd

Key Points

• Taikang Asset Management Hong Kong Co Ltd made a new investment in The Progressive Corporation, acquiring 20,394 shares worth approximately $5.77 million.
• Insider Karen Bailo sold 8,922 shares at an average price of $249.24, significantly reducing her holdings by 21.62%.
• Progressive is poised to pay a quarterly dividend of $0.10 per share on October 10, representing a dividend yield of 0.2%.

Taikang Asset Management Hong Kong Co Ltd purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 20,394 shares of the insurance provider's stock, valued at approximately $5,772,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Highline Wealth Partners LLC boosted its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the period. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. HWG Holdings LP purchased a new stake in Progressive in the first quarter worth $28,000. Finally, Garde Capital Inc. bought a new position in Progressive in the first quarter worth $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity at Progressive

In other news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $337,299.10. Following the sale, the insider owned 31,733 shares in the company, valued at $7,958,001.74. This trade represents a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 2,391 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $595,932.84. Following the completion of the sale, the executive owned 26,698 shares in the company, valued at approximately $6,654,209.52. The trade was a 8.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,351 shares of company stock worth $27,003,746 in the last three months. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

PGR traded up $1.59 during mid-day trading on Thursday, reaching $246.28. 2,316,522 shares of the company traded hands, compared to its average volume of 2,907,152. The stock has a market capitalization of $144.37 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.42 and a beta of 0.33. 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 company's fifty day moving average price is $250.25 and its 200-day moving average price is $266.20. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99.

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

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors 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 yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is 2.25%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PGR shares. Morgan Stanley upped their target price on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. UBS Group cut their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Wells Fargo & Company dropped their price target on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research report on Thursday, August 21st. Finally, Bank of America cut their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.18.

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.