Prudential PLC Acquires 22,607 Shares of The Progressive Corporation (NYSE:PGR)

Key Points

• Prudential PLC increased its stake in The Progressive Corporation by 33.6% during Q1, acquiring an additional 22,607 shares, bringing its total to 89,861 shares worth approximately $25.43 million.
• Several institutional investors have recently adjusted their holdings in Progressive, with 85.34% of the stock owned by hedge funds and institutional investors combined.
• Progressive declared a quarterly dividend of $0.10 per share, scheduled for payment on October 10th, reflecting an annualized dividend yield of 0.2%.

Prudential PLC increased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 33.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 89,861 shares of the insurance provider's stock after acquiring an additional 22,607 shares during the period. Prudential PLC's holdings in Progressive were worth $25,432,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PGR. Highline Wealth Partners LLC grew its holdings in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC grew its stake in 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 buying an additional 63 shares during the last quarter. HWG Holdings LP bought a new position in Progressive in the 1st quarter worth $28,000. Minot DeBlois Advisors LLC bought a new position in Progressive in the 4th quarter worth $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive during the 1st quarter worth $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PGR. Wells Fargo & Company raised their price target on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Morgan Stanley set a $265.00 price target on Progressive and gave the company an "equal weight" rating in a research report on Monday. Cantor Fitzgerald raised Progressive to a "hold" rating in a research report on Wednesday. UBS Group lowered their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Finally, Barclays lowered their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and a consensus target price of $283.06.

Progressive Price Performance

Shares of NYSE:PGR traded up $2.00 during midday trading on Thursday, reaching $251.19. 4,574,102 shares of the company's stock were exchanged, compared to its average volume of 3,262,101. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The company's 50 day simple moving average is $254.36 and its two-hundred day simple moving average is $266.21. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The firm has a market capitalization of $147.25 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 1.43 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 earnings per share. Equities research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is 2.25%.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 6,232 shares of the firm's 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 owned 27,844 shares in the company, valued at $6,742,703.04. This trade represents a 18.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Jo Murphy sold 4,000 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the transaction, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This represents a 8.83% 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 valued at $26,332,348. 0.34% of the stock is owned by company insiders.

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.