The Progressive Corporation $PGR Position Raised by Banco Bilbao Vizcaya Argentaria S.A.

Key Points

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Banco Bilbao Vizcaya Argentaria S.A. raised its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 74,858 shares of the insurance provider's stock after buying an additional 1,744 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Progressive were worth $21,186,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PGR. Integrated Advisors Network LLC raised its stake in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC raised its stake in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares in the last quarter. Contravisory Investment Management Inc. raised its stake in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares in the last quarter. Beacon Financial Group raised its stake in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after purchasing an additional 39 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 0.0%

Shares of PGR opened at $247.05 on Tuesday. The business's 50-day moving average price is $252.66 and its 200 day moving average price is $266.51. The stock has a market capitalization of $144.82 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.46 and a beta of 0.33. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 35.37% and a net margin of 12.66%. Progressive's revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business posted $2.48 EPS. Analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the transaction, the insider owned 27,844 shares of the company's stock, valued at $6,742,703.04. The trade was a 18.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated 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 transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,313 shares of company stock worth $28,349,549. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PGR shares. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley cut their price objective on shares of Progressive from $275.00 to $265.00 and set an "equal weight" rating on the stock in a research note on Monday, August 11th. BMO Capital Markets lowered their target price on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Jefferies Financial Group lowered their target price on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Finally, Citigroup initiated coverage on Progressive in a report on Wednesday, August 13th. They set a "buy" rating and a $312.00 target price on the stock. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $284.88.

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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