Mn Services Vermogensbeheer B.V. Raises Stock Position in The Progressive Corporation $PGR

Key Points

• Mn Services Vermogensbeheer B.V. increased its stake in The Progressive Corporation by 1.8% during the second quarter, bringing its total holdings to 219,173 shares, worth approximately $58.49 million.
• Insider transactions included Karen Bailo selling 8,922 shares and CFO John P. Sauerland selling 16,664 shares on July 28th, indicating a decrease in their ownership positions by 21.62% and 6.81% respectively.
• Progressive recently declared a quarterly dividend of $0.10 per share, with an ex-dividend date set for October 2nd, representing a 0.2% yield and a dividend payout ratio of 2.25%.

Mn Services Vermogensbeheer B.V. lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 219,173 shares of the insurance provider's stock after buying an additional 3,800 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in Progressive were worth $58,489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PGR. Nuveen LLC acquired a new position in shares of Progressive during the first quarter valued at about $1,473,180,000. GQG Partners LLC lifted its position in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after buying an additional 3,174,632 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after acquiring an additional 3,038,303 shares during the period. C WorldWide Group Holding A S lifted its stake in shares of Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of a number of analyst reports. Wells Fargo & Company restated an "equal weight" rating and issued a $265.00 price objective (down previously from $327.00) on shares of Progressive in a research report on Thursday. UBS Group lowered their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Barclays reduced their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 19th. Bank of America cut their target price on Progressive from $347.00 to $343.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Wolfe Research assumed coverage on Progressive in a research note on Monday, September 15th. They set a "peer perform" rating for the company. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat.com, Progressive presently has a consensus rating of "Hold" and an average price target of $279.44.

Progressive Stock 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 were exchanged, compared to its average volume of 2,433,152. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The business's fifty day moving average is $245.83 and its two-hundred day moving average is $263.47. The firm has a market capitalization of $142.02 billion, a P/E ratio of 13.65, a P/E/G ratio of 1.38 and a beta of 0.32. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

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

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,922 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider owned 32,346 shares of the company's stock, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the company's 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 completion of the transaction, the chief financial officer owned 228,024 shares in the company, valued at $56,832,701.76. This represents a 6.81% 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. 0.34% of the stock is currently owned by insiders.

About Progressive

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.