The Progressive Corporation $PGR Shares Acquired by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. increased its stake in The Progressive Corporation by 123.1% during the first quarter, acquiring additional shares worth approximately $328.4 million.
• CEO Susan Griffith sold 30,660 shares of the company, representing a 5.70% decrease in her position, while other insiders collectively sold 108,556 shares worth over $27 million.
• Price targets for Progressive stock have been revised by multiple analysts, with the consensus rating being "Moderate Buy" and an average price target of $284.06.

1832 Asset Management L.P. lifted its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 123.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,160,302 shares of the insurance provider's stock after buying an additional 640,306 shares during the quarter. 1832 Asset Management L.P. owned 0.20% of Progressive worth $328,377,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. State of Alaska Department of Revenue raised 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 buying an additional 1,800 shares during the period. QRG Capital Management Inc. increased its holdings in Progressive by 36.4% during 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 last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in Progressive by 498.5% during 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 last quarter. Hennessy Advisors Inc. purchased a new stake in Progressive during the 1st quarter worth approximately $3,141,000. Finally, TCW Group Inc. increased its holdings in Progressive by 4.5% during 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 last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the business'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 transaction, the insider owned 27,844 shares of the company's stock, valued at $6,742,703.04. This represents a 18.29% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,556 shares of company stock worth $27,306,166. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on PGR. Morgan Stanley dropped their price objective on Progressive from $275.00 to $265.00 and set an "equal weight" rating on the stock in a report on Monday, August 11th. Citigroup began coverage on Progressive in a report on Wednesday, August 13th. They set a "buy" rating and a $312.00 price objective on the stock. BMO Capital Markets dropped their price objective on Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a report on Thursday. Keefe, Bruyette & Woods dropped their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Finally, Wells Fargo & Company dropped their price objective on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a report on Thursday. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $284.06.

Progressive Price Performance

Shares of NYSE PGR opened at $248.9740 on Friday. The Progressive Corporation has a twelve month low of $228.54 and a twelve month 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. The company has a market capitalization of $145.95 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.48 and a beta of 0.33. The business has a 50 day simple moving average of $251.77 and a 200-day simple moving average of $266.31.

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, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the previous year, the business earned $2.48 EPS. The business's quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend 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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