Caisse DE Depot ET Placement DU Quebec Purchases 28,036 Shares of The Progressive Corporation $PGR

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its stake in The Progressive Corporation by 1.8%, owning 1,582,012 shares, valued at approximately $447.7 million as of the latest quarter.
• Insider sales were reported, with CEO Susan Patricia Griffith selling 30,660 shares for about $7.4 million, contributing to a broader trend of insider selling at Progressive.
• Analysts have mixed views on the stock, with recent price target adjustments, leading to a consensus rating of “Moderate Buy” and a price target of $284.18.

Caisse DE Depot ET Placement DU Quebec lifted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 1.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,582,012 shares of the insurance provider's stock after purchasing an additional 28,036 shares during the quarter. Progressive accounts for about 0.9% of Caisse DE Depot ET Placement DU Quebec's holdings, making the stock its 19th largest holding. Caisse DE Depot ET Placement DU Quebec owned approximately 0.27% of Progressive worth $447,725,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Vanguard Group Inc. lifted its holdings in shares of Progressive by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock worth $15,289,037,000 after acquiring an additional 622,590 shares during the last quarter. GQG Partners LLC lifted its stake in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. Northern Trust Corp boosted its position in Progressive by 13.0% during the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock valued at $1,480,677,000 after buying an additional 710,684 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Progressive by 18.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock valued at $1,433,722,000 after buying an additional 915,643 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Progressive by 6.6% during the fourth quarter. Deutsche Bank AG now owns 5,447,442 shares of the insurance provider's stock valued at $1,305,262,000 after buying an additional 337,146 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. UBS Group dropped their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research note on Thursday, July 17th. Citigroup initiated coverage on shares of Progressive in a report on Wednesday, August 13th. They set a "buy" rating and a $312.00 price target for the company. BMO Capital Markets lowered their price target on shares of Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a report on Thursday, August 21st. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $284.18.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction on Monday, July 28th. The shares were 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 $8,061,917.04. The trade was a 21.62% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,351 shares of company stock valued at $27,003,746. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Up 0.6%

Shares of NYSE PGR traded up $1.59 during mid-day trading on Thursday, hitting $246.28. 2,316,522 shares of the stock traded hands, compared to its average volume of 2,907,152. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a market cap of $144.37 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.42 and a beta of 0.33. The stock has a fifty day moving average price of $250.25 and a 200-day moving average price of $266.20.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.48 EPS. Research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

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.