The Progressive Corporation $PGR Shares Bought by Inspire Investing LLC

Key Points

• Inspire Investing LLC has increased its holdings in The Progressive Corporation by 2.5%, now owning 59,693 shares, valued at approximately $15.93 million.
• Several institutional investors have also adjusted their positions in Progressive, with significant increases, including a 87.9% increase from Zurich Insurance Group Ltd FI.
• Progressive recently declared a quarterly dividend of $0.10 per share, reflecting an annualized yield of 0.2% and a payout ratio of 2.25%.

Inspire Investing LLC increased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 2.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 59,693 shares of the insurance provider's stock after purchasing an additional 1,478 shares during the period. Progressive makes up approximately 1.7% of Inspire Investing LLC's holdings, making the stock its 4th largest position. Inspire Investing LLC's holdings in Progressive were worth $15,930,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Baron Silver Stevens Financial Advisors LLC acquired a new position in shares of Progressive during the 2nd quarter worth about $306,000. State of Alaska Department of Revenue lifted its position 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 worth $19,426,000 after purchasing an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma acquired a new position in shares of Progressive during the 2nd quarter worth about $439,000. Belmont Capital LLC acquired a new position in shares of Progressive during the 1st quarter worth about $580,000. Finally, Zurich Insurance Group Ltd FI lifted its position in shares of Progressive by 87.9% during the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider's stock worth $117,218,000 after purchasing an additional 193,800 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research reports. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research note on Wednesday, August 13th. Weiss Ratings restated a "buy (b)" rating on shares of Progressive in a research note on Wednesday. Evercore ISI lowered their price target on Progressive from $275.00 to $273.00 and set an "in-line" rating on the stock in a research note on Wednesday, October 1st. JPMorgan Chase & Co. boosted their price target on Progressive from $301.00 to $303.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, BMO Capital Markets set a $252.00 price target on Progressive in a research note on Thursday, September 18th. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus price target of $279.63.

Insider Buying and Selling at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares in the company, valued at $10,532,802.60. This represents a 4.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 over the last 90 days. Company insiders own 0.34% of the company's stock.

Progressive Trading Down 0.8%

PGR stock opened at $240.18 on Friday. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The firm has a market cap of $140.80 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.35 and a beta of 0.32. The business's 50 day moving average is $245.20 and its 200-day moving average is $259.74. 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 released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating 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 company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period in the prior year, the company posted $2.48 EPS. The company's revenue was up 12.1% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

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.

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