The Progressive Corporation $PGR Shares Acquired by Amundi

Amundi grew its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 7.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,678,390 shares of the insurance provider's stock after purchasing an additional 115,968 shares during the quarter. Amundi owned approximately 0.29% of Progressive worth $366,644,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Unique Wealth LLC raised its position in shares of Progressive by 4.3% in the 2nd quarter. Unique Wealth LLC now owns 1,240 shares of the insurance provider's stock valued at $271,000 after acquiring an additional 51 shares during the period. Northwestern Mutual Investment Management Company LLC increased its holdings in shares of Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock worth $4,267,000 after acquiring an additional 52 shares in the last quarter. Phillips Wealth Planners LLC raised its position in shares of Progressive by 2.8% during the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock worth $436,000 after purchasing an additional 52 shares during the period. Sumitomo Life Insurance Co. lifted its holdings in shares of Progressive by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider's stock valued at $981,000 after purchasing an additional 52 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its holdings in shares of Progressive by 1.4% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,072 shares of the insurance provider's stock valued at $890,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $218.41 on Tuesday. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $126.98 billion, a price-to-earnings ratio of 10.95, a P/E/G ratio of 2.92 and a beta of 0.27. The stock's fifty day moving average price is $217.55 and its two-hundred day moving average price is $207.89.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.40 earnings per share. On average, equities analysts forecast that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is presently 2.01%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PGR. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Mizuho set a $236.00 price objective on Progressive in a report on Wednesday, August 5th. Jefferies Financial Group restated a "hold" rating and issued a $228.00 target price on shares of Progressive in a research note on Wednesday, August 19th. Cantor Fitzgerald reduced their target price on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating for the company in a report on Monday, August 17th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $245.00 target price on shares of Progressive in a research report on Thursday, August 20th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $236.26.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 113,714 shares of company stock worth $24,466,294 over the last 90 days. Insiders own 0.32% of the company's stock.

Progressive Profile

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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