The Progressive Corporation (NYSE:PGR) Stake Increased by Todd Asset Management LLC

Key Points

• Todd Asset Management LLC increased its stake in The Progressive Corporation by 6.6% during Q1, holding approximately 263,123 shares worth about $74.47 million.
• Insider selling activity is notable, with CFO John P. Sauerland selling 16,664 shares for over $4.15 million, resulting in a 6.81% decrease in his ownership.
• Analysts have varied outlooks, with Wells Fargo raising their price target to $333.00 while multiple others have issued lower targets, suggesting a mix of sentiments around Progressive's stock performance.

Todd Asset Management LLC boosted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 6.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 263,123 shares of the insurance provider's stock after purchasing an additional 16,380 shares during the quarter. Progressive comprises about 1.8% of Todd Asset Management LLC's holdings, making the stock its 6th biggest holding. Todd Asset Management LLC's holdings in Progressive were worth $74,467,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue boosted its holdings in shares of Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after acquiring an additional 1,800 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in shares of Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares during the period. Hennessy Advisors Inc. bought a new position in shares of Progressive in the 1st quarter worth approximately $3,141,000. Finally, TCW Group Inc. lifted its stake in shares of Progressive by 4.5% in the 1st quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock worth $3,406,000 after purchasing an additional 523 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 16,664 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the sale, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 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 $552,814.32. Following the completion of the sale, the insider owned 47,942 shares in the company, valued at $11,949,064.08. This represents a 4.42% decrease in their position. 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 in the last three months. Corporate insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PGR shares. Wells Fargo & Company increased their price objective on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. UBS Group lowered their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Barclays lowered their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday, July 7th. Bank of America lowered 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. Finally, Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Moderate Buy" and an average price target of $286.88.

Progressive Trading Up 0.5%

Progressive stock opened at $246.49 on Monday. The stock has a market cap of $144.49 billion, a P/E ratio of 13.89, a PEG ratio of 1.45 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 0.31. The Progressive Corporation has a 1 year low of $217.91 and a 1 year high of $292.99. The firm's 50 day moving average price is $256.79 and its 200-day moving average price is $266.45.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $20.08 billion for 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 business posted $2.48 earnings per share. On average, equities analysts predict 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 dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were given a $0.10 dividend. This represents a yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's payout ratio is currently 2.25%.

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.

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