The Progressive Corporation $PGR Shares Purchased by BTC Capital Management Inc.

Key Points

• BTC Capital Management Inc. increased its stake in The Progressive Corporation by 36.2% during the second quarter, acquiring 1,436 shares and reaching a total of 5,404 shares valued at approximately $1.44 million.
• Numerous institutional investors have made significant changes to their positions in Progressive, including a 61.4% stake increase by GQG Partners LLC during the first quarter, raising its total ownership to over $2.36 billion.
• CEO Susan Patricia Griffith sold 30,659 shares for about $7.54 million, marking a 6.05% decrease in ownership, while over the last ninety days, insiders sold 130,062 shares worth $32.22 million.

BTC Capital Management Inc. lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 36.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,404 shares of the insurance provider's stock after purchasing an additional 1,436 shares during the period. BTC Capital Management Inc.'s holdings in Progressive were worth $1,442,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PGR. Brighton Jones LLC increased its holdings in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in Progressive during the 4th quarter valued at about $269,000. Bison Wealth LLC grew its holdings in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after purchasing an additional 80 shares during the period. Waverly Advisors LLC raised its holdings in Progressive by 103.7% in the fourth quarter. Waverly Advisors LLC now owns 5,232 shares of the insurance provider's stock valued at $1,254,000 after acquiring an additional 2,663 shares in the last quarter. Finally, Vise Technologies Inc. grew its position in shares of Progressive by 133.6% during the fourth quarter. Vise Technologies Inc. now owns 6,715 shares of the insurance provider's stock worth $1,609,000 after acquiring an additional 3,841 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares of the company's stock, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,345 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $337,299.10. Following the completion of the sale, the insider owned 31,733 shares in the company, valued at $7,958,001.74. The trade was a 4.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,062 shares of company stock valued at $32,217,635. 0.33% of the stock is currently owned by corporate insiders.

Progressive Trading Up 0.1%

Shares of PGR stock traded up $0.26 during trading hours on Friday, reaching $242.26. 4,778,275 shares of the stock traded hands, compared to its average volume of 2,545,675. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $142.02 billion, a PE ratio of 13.65, a PEG ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The business has a fifty day moving average price of $245.83 and a 200 day moving average price of $263.22.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the prior year, the company posted $2.48 EPS. The business's revenue was up 12.1% on a year-over-year basis. On average, equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PGR shares. BMO Capital Markets set a $252.00 price objective on Progressive in a report on Thursday. Keefe, Bruyette & Woods lifted their price target on Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday. Cantor Fitzgerald raised Progressive to a "hold" rating in a research report on Wednesday, August 13th. Morgan Stanley lifted their target price on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Finally, Wolfe Research assumed coverage on Progressive in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $279.44.

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.