The Progressive Corporation (NYSE:PGR) Shares Acquired by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in The Progressive Corporation by 3.4% in Q1, now owning approximately 0.70% of Progressive valued at over $1.15 billion.
• Progressive reported a quarterly earnings per share (EPS) of $4.88, surpassing analyst expectations and showing a 12.1% revenue increase year-over-year.
• The company recently announced a $0.10 dividend with a yield of 15.0%, enhancing its attractiveness to investors.

Charles Schwab Investment Management Inc. increased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,086,160 shares of the insurance provider's stock after purchasing an additional 134,261 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.70% of Progressive worth $1,156,424,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive in the fourth quarter valued at $269,000. Highview Capital Management LLC DE boosted its stake in Progressive by 3.2% in the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after acquiring an additional 339 shares in the last quarter. Wedbush Securities Inc. grew its holdings in shares of Progressive by 38.9% during the fourth quarter. Wedbush Securities Inc. now owns 2,332 shares of the insurance provider's stock worth $559,000 after purchasing an additional 653 shares during the last quarter. Finally, Rathbones Group PLC increased its position in shares of Progressive by 14.2% during the fourth quarter. Rathbones Group PLC now owns 1,863 shares of the insurance provider's stock worth $446,000 after purchasing an additional 231 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PGR shares. BMO Capital Markets dropped their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research note on Friday, July 18th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research report on Thursday, July 17th. Morgan Stanley lowered their price objective on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Finally, Bank of America dropped their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of "Moderate Buy" and an average target price of $286.88.

Progressive Stock Up 1.9%

PGR opened at $247.47 on Thursday. The business has a 50 day simple moving average of $258.19 and a 200-day simple moving average of $266.02. The Progressive Corporation has a 12 month low of $213.47 and a 12 month high of $292.99. The stock has a market capitalization of $145.07 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.46 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.29.

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

Progressive Announces Dividend

The business also recently announced a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 15.0%. Progressive's dividend payout ratio (DPR) is 2.25%.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 104,250 shares of company stock valued at $26,332,348 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

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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