The Progressive Corporation (NYSE:PGR) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in The Progressive Corporation by 12.0%, now owning over 1 million shares valued at approximately $295.92 million.
• Progressive reported a 12.1% year-over-year revenue increase for the quarter, totaling $20.08 billion alongside earnings per share of $4.88, surpassing expectations.
• The company's dividend yield stands at 15.0%, with a payout ratio of 2.25%, reflecting ongoing profitability and shareholder returns.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 12.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,045,618 shares of the insurance provider's stock after purchasing an additional 112,176 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Progressive worth $295,920,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Y.D. More Investments Ltd lifted its holdings in Progressive by 41.1% in the first quarter. Y.D. More Investments Ltd now owns 1,010 shares of the insurance provider's stock valued at $286,000 after acquiring an additional 294 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in Progressive by 7.8% in the first quarter. Chicago Partners Investment Group LLC now owns 1,586 shares of the insurance provider's stock valued at $454,000 after purchasing an additional 115 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Progressive by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,086,160 shares of the insurance provider's stock valued at $1,156,424,000 after purchasing an additional 134,261 shares during the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of Progressive during the 1st quarter worth $20,852,000. Finally, Citizens Financial Group Inc. RI increased its position in shares of Progressive by 4.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 16,928 shares of the insurance provider's stock worth $4,791,000 after purchasing an additional 663 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

Shares of PGR opened at $247.47 on Thursday. The Progressive Corporation has a 1 year low of $213.47 and a 1 year high of $292.99. The stock has a market capitalization of $145.07 billion, a PE ratio of 13.94, a PEG ratio of 1.46 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.31. The stock has a 50-day simple moving average of $258.19 and a 200-day simple moving average of $266.02.

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

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PGR shares. Morgan Stanley decreased their target price 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. Jefferies Financial Group reduced their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Evercore ISI cut shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Keefe, Bruyette & Woods cut their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday, July 17th. Finally, Bank of America lowered their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $286.88.

Insider Transactions at Progressive

In related news, insider Karen Bailo sold 8,922 shares of the business'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 transaction of $2,223,719.28. Following the completion of the sale, the insider owned 32,346 shares in the company, valued at $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.16, for a total value 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 $6,742,703.04. This trade represents a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 104,250 shares of company stock valued at $26,332,348 over the last ninety days. Company insiders own 0.34% of the company's stock.

About Progressive

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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