The Progressive Corporation $PGR Shares Bought by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in The Progressive Corporation by 21.2% during Q1, acquiring a total of 559,783 shares valued at approximately $158.4 million.
• Progressive's recent financial results showed a 12.1% year-over-year revenue growth with EPS of $4.88, surpassing analysts' expectations, and a quarterly dividend of $0.10 per share is set to be paid on October 10.
• Wall Street analysts have mixed ratings on Progressive, with a consensus rating of "Hold" and an average price target of $284.88, as various firms adjust their price objectives and ratings.

Korea Investment CORP grew its position in The Progressive Corporation (NYSE:PGR - Free Report) by 21.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 559,783 shares of the insurance provider's stock after buying an additional 97,887 shares during the quarter. Korea Investment CORP owned 0.10% of Progressive worth $158,424,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of PGR. State of Alaska Department of Revenue lifted its holdings in shares of Progressive by 2.7% in 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 purchasing an additional 1,800 shares during the last quarter. QRG Capital Management Inc. increased its position 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 period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its holdings in shares of Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after acquiring an additional 4,212 shares during the period. Hennessy Advisors Inc. acquired a new stake in shares of Progressive in the 1st quarter worth approximately $3,141,000. Finally, TCW Group Inc. grew its holdings in shares of Progressive by 4.5% in the 1st quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock worth $3,406,000 after acquiring an additional 523 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PGR. Citigroup began coverage on Progressive in a research note on Wednesday, August 13th. They issued a "buy" rating and a $312.00 target price on the stock. Jefferies Financial Group dropped their price objective on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a report on Monday, August 11th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Wells Fargo & Company raised their target price on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Finally, Bank of America lowered their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $284.88.

Insider Activity at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,313 shares of company stock worth $28,349,549 in the last 90 days. Corporate insiders own 0.33% of the company's stock.

Progressive Trading Down 1.6%

NYSE:PGR opened at $247.02 on Monday. The stock has a market capitalization of $144.81 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.46 and a beta of 0.33. The firm has a fifty day simple moving average of $253.14 and a two-hundred day simple moving average of $266.51. The Progressive Corporation has a 12 month low of $228.54 and a 12 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.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.48 earnings per share. Analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 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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