MBB Public Markets I LLC Boosts Stock Position in The Progressive Corporation $PGR

Key Points

• MBB Public Markets I LLC has increased its holdings in The Progressive Corporation by 45.4% in Q1, making Progressive its largest position, accounting for approximately 10.9% of the fund's total holdings.
• Progressive reported an earnings per share (EPS) of $4.88 for the last quarter, surpassing expectations of $4.43, with revenues of $20.08 billion, reflecting a 12.1% year-over-year increase.
• The company announced a quarterly dividend of $0.10 per share, translating to an annualized yield of 0.2%, with the payment scheduled for October 10th for stockholders of record.

MBB Public Markets I LLC grew its position in The Progressive Corporation (NYSE:PGR - Free Report) by 45.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 350,076 shares of the insurance provider's stock after buying an additional 109,370 shares during the quarter. Progressive makes up approximately 10.9% of MBB Public Markets I LLC's portfolio, making the stock its largest position. MBB Public Markets I LLC owned approximately 0.06% of Progressive worth $99,075,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in PGR. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC raised its stake in Progressive by 210.0% during 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 acquired a new stake in Progressive during the 4th quarter valued at $28,000. HWG Holdings LP purchased a new stake in shares of Progressive in the first quarter valued at $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive in the first quarter worth $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Up 0.9%

NYSE PGR traded up $2.28 during trading on Thursday, reaching $248.69. The company's stock had a trading volume of 1,635,875 shares, compared to its average volume of 2,554,677. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $145.78 billion, a PE ratio of 14.01, a PEG ratio of 1.43 and a beta of 0.32. The business has a 50-day moving average price of $246.91 and a 200-day moving average price of $265.12. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

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 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 company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the business posted $2.48 EPS. Progressive's quarterly revenue was up 12.1% on a year-over-year basis. On average, research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is 2.25%.

Analysts Set New Price Targets

Several research analysts recently weighed in on PGR shares. BMO Capital Markets dropped their price target on Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a research report on Thursday, August 21st. Barclays lowered their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 19th. Bank of America increased their price target on shares of Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Finally, Citigroup reiterated a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $284.82.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $249.96, for a total value of $1,557,750.72. Following the completion of the transaction, the insider directly owned 21,612 shares in the company, valued at $5,402,135.52. The trade was a 22.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 139,010 shares of company stock valued at $34,547,699. 0.34% of the stock is owned by corporate 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.