The Progressive Corporation $PGR Position Increased by Capital International Investors

Key Points

• Capital International Investors increased its stake in Progressive by 8.9% in the fourth quarter, ending with 14.9 million shares worth about $3.4 billion.
• Progressive reported better-than-expected quarterly earnings of $4.80 per share, though revenue came in below consensus at $22.19 billion. The company also posted year-over-year revenue growth of 6.5%.
• The insurer declared a quarterly dividend of $0.10 per share payable July 10, and analysts currently have a consensus rating of Hold with an average price target of $238.11.

Capital International Investors raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,921,724 shares of the insurance provider's stock after purchasing an additional 1,217,527 shares during the period. Capital International Investors owned about 2.54% of Progressive worth $3,398,123,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PGR. Illinois Municipal Retirement Fund lifted its holdings in Progressive by 30.2% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider's stock valued at $25,381,000 after acquiring an additional 23,833 shares during the last quarter. Allstate Corp lifted its holdings in Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock valued at $10,136,000 after acquiring an additional 22,915 shares during the last quarter. Prospera Financial Services Inc lifted its holdings in Progressive by 36.9% in the 3rd quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider's stock valued at $4,752,000 after acquiring an additional 5,184 shares during the last quarter. Norges Bank acquired a new stake in Progressive in the 4th quarter valued at about $1,836,094,000. Finally, Mariner LLC lifted its holdings in Progressive by 7.9% in the 3rd quarter. Mariner LLC now owns 644,636 shares of the insurance provider's stock valued at $159,183,000 after acquiring an additional 47,248 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.32% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of PGR opened at $204.27 on Friday. The company has a market capitalization of $119.37 billion, a price-to-earnings ratio of 10.39, a P/E/G ratio of 5.91 and a beta of 0.28. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $283.95. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The business's 50-day moving average is $198.89 and its 200-day moving average is $208.87.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the prior year, the company posted $4.37 earnings per share. The firm's revenue was up 6.5% on a year-over-year basis. Equities research analysts expect that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 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, July 2nd. Progressive's dividend payout ratio (DPR) is 2.03%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Mizuho cut their price target on shares of Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a report on Friday, March 20th. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Finally, BMO Capital Markets reaffirmed a "market perform" rating and set a $220.00 price objective on shares of Progressive in a research note on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $238.11.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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